Medicare Most Frequently Asked Questions
You have a seven-month initial enrollment window to enroll for Medicare Supplements, Medicare Part D, and Medicare Advantage plans. This window opens three months before your coverage begins, includes your birth month, and extends three months after. For example, if you turn 65 in December, your enrollment window starts on September 1st.
Medicare coverage begins on the first day of the month you turn 65. If you’re born on the first day of the month, your coverage starts the month before, at age 64 and 11 months.
The best approach is to do a cost-benefit analysis with one of our licensed agents to find the right coverage at the best price.
Here are a few key factors we’ll consider:
Current Coverage Costs: Review your monthly premiums, annual deductible, and out-of-pocket maximum to evaluate your expenses and risks.
Spouse Coverage: If you or your spouse are covered under an employer plan, we’ll explore the cost implications of switching to Medicare.
Prescription Drug Costs: We’ll compare your current drug costs with what you might pay under Medicare, as these costs don’t count toward Medicare’s out-of-pocket maximum.
Social Security Benefits: If you’re collecting Social Security, you may be automatically enrolled in Medicare Part B. We’ll help you decide if delaying Part B is the right choice if you plan to stay on your employer’s plan.
It’s our pleasure to walk you through this process with all the details to help you make the best decision.
Give us a call or submit the contact form, and we can help you find the best option for you.
The cost of Medicare insurance varies. Part A (hospital insurance) is usually free if you or your spouse paid Medicare taxes for at least 10 years. Part B (medical insurance) has a standard monthly premium of about $170.10 for 2022, but this increases based on your income. Part D (prescription drug coverage) premiums vary by plan, averaging around $33 per month in 2022. Additionally, there are deductibles and copayments to consider, with Part B having a deductible of $233 in 2022. Costs can vary significantly based on income, location, and the specific plans chosen. Each year, the new premiums are released around October 1.
The best plan for you has many factors and layers to it. This is why we do what we do. We partner with individuals over 64.5 to help with a smooth, easy enrollment and so you have the right coverage for your specific needs.
Reach out to us, and we can help you find the right option for you.
First, understanding these penalties can help you avoid extra costs.
If you don’t enroll in Medicare Part B when you’re first eligible, your monthly premium could increase by 10% for each year you delay, unless you had other qualifying coverage (such as through an employer).
For Medicare Part D, there’s a late enrollment penalty added to your drug plan premium if you go without coverage for a while. The longer you wait, the higher the penalty.
If your income is over $103,000, you’ll pay more for Medicare Part B and Part D due to an Income-Related Monthly Adjustment Amount (IRMAA). This is based on your income from two years ago and recalculated yearly. You can appeal this if you’ve had a major life change.
Give us a call or reach out below with the contact form, and we’ll talk this through with you.
