For most people, Medicare eligibility starts three months before they turn 65 years of age. Here’s what one needs to know about Medicare before signing up for it.
Find out About the Medicare Enrollment Period
There’s a set period when a person can first sign up for Medicare. This is called the Initial Enrollment Period, and it lasts a total of seven months. The Initial Enrollment Period (IEP) includes the three months before one’s 65th birthday month, the month that one turns 65, and three months after one’s birthday month.
A person is automatically enrolled in Part A and Part B at age 65 if they’re receiving Railroad Retirement Board or Social Security benefits. One should still use their IEP to make coverage choices for Part D. If a person isn’t receiving these benefits, they’ll need to sign up for Medicare online, in-person, over the phone, or at their local Social Security office.
Find out If Enrollment Can Be Delayed
One may be able to delay enrolling in Part A, Part B, or even both Parts if they’re working over the age of 65, have employer coverage, or if they have creditable coverage via a spouse’s employer. In any of these situations, one may qualify to delay their enrollment. Check with the employer’s benefits administrator to find all possible options.
Think About Coverage for Dental, Drugs, Vision, and Fitness
Medicare Part A doesn’t provide coverage for prescriptions, dental, eye care, hearing, wellness, and other benefits. In most cases, if a person wants additional Medicare coverage, they’ll need to look at getting a Medicare Advantage plan. If one only wants prescription coverage, they can get a standalone Part D plan.
Estimate the Final Costs, Including Premiums and Out-Of-Pocket Expenses
The type of costs one pays and how much one pays will vary based on coverage. How much one pays depends on the coverage they choose and the healthcare services they use during the year. A person may need to pay deductibles, premiums, copays, and coinsurance. A rule here is to estimate the costs based on the Medicare plan options one is exploring. This can help people see which choice can fit their budget best.