Turning 65 Medicare Options
Medicare is health insurance for older adults aged 65+, younger adults with disabilities, and people with End Stage Renal Disease (ESRD).
Original Medicare, sometimes called Traditional Medicare, refers to Medicare Parts A and B.
Turning 65 years old, What Are My Medicare Choices?
You have two main choices for how you get your Medicare – Original Medicare or a Medicare Advantage Plan.
If you choose Original Medicare (which includes Part A Hospital Insurance and Part B Medical Insurance), you will also have the option to enroll in a Part D Prescription Plan.
You will also need to decide if you want to purchase Medicare Supplement Insurance (Medigap) to pay for the “gaps” in Medicare coverage.
If you choose a Medicare Advantage Plan, you will have the option to select a plan that includes prescription drug coverage.
If you have a Medicare Advantage Plan, you do not need Medigap coverage.
When to enroll in Original Medicare
Older adults who receive Social Security or Railroad Retirement Benefits will be enrolled automatically into Medicare at age 65. Others have to apply for Medicare through the Social Security Administration.
Younger adults with disabilities generally will be enrolled automatically following 24 months of Social Security disability benefits (SSDI), however, individuals with certain disabling conditions may be able to get Medicare sooner.
Several different enrollment periods exist for seniors wanting Medicare coverage. Each person gets an Initial Enrollment Period into Medicare around their 65th birthday. There are also Special Enrollment Periods, such as for those who continue to work past age 65 and keep their employer insurance, and an annual General Enrollment Period.
Where Can I Get Answers to My Questions About Medicare?
Mintco Financial Advisors will be happy to answer questions about Medicare. Call now at 813-964-7100 and ask for our specialist in Medicare or go to Medicare Insurance.