(Newswire.net — May 15, 2019) — If you don’t have Medicare yet, you’ve probably already asked yourself when do I need Medicare. In most cases, you’re eligible for Medicare when you turn 65. The open enrollment period starts about three months before the month you turn 65 and extends three months past the month you turn 65. If you fail to enroll and don’t have qualifying cover from your employer, you could end up with late-enrollment penalties that you may have to pay for the rest of your life. As such, make sure you enroll within the seven-month enrollment window.
When Do I Need Medicare
Options to Consider
There are several options to consider when signing up for Medicare. Medicare consists of four main programs: Part A caters for hospital stays; Part B is for physician fees. Part C also referred to as Medicare advantage, offers various coverage options including vision, wellness care and dental. You can only apply for Part C if you’re enrolled in both Part A and Part B. Medicare Part D caters for prescription meds.
If you already receive Social Security Benefits, then you qualify for automatic enrollment in Medicare (Part A and Part B) starting the first day of the month you turn 65. You’ll likely get your card in the mail address on your social security records about two to three months prior to your 65th birthday.
The package you’ll receive will contain information about decisions you need to make. For instance, you don’t have to enroll for Part B right away although you’re eligible. This is especially the case if you’re covered under a non-medical insurance plan by your employer or union group health insurance plan. Spare some time to learn about Medicare Part B to determine if you should sign up.
For instance, you need to find out from your employer whether or not their plan is the main insurance provider. If Medicare is your primary insurer, then you’ll be required to have Part B. And even if you won’t be signing up for Part B, be sure to still enroll for Part A as it may come in handy to help pay some of the costs not covered by your health plan.
In case you won’t be signing up for a Medicare Advantage plan with prescription drug coverage, you’ll want to enroll in a prescription drug plan as you’re signing up for Parts A and B. Failing to do so will increase your Medicare Part D premium by at least one percent for every month you delayed enrollment.
If You Have Medicare Part A, And Now Need to Start Part B
At 65, you may have signed up for Medicare Part A, but not Part B, usually because you were still working at 65 and had access to a group health plan. Once you’re out of employment, you’ll need to add Part B within 8 months of the earliest of either the end of your health coverage or end of your employment. This type of enrollment falls under what’s referred to as the Special Enrollment Period offerings. So, when do I need Medicare? In most cases, you should apply when you turn 65.