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Turning 65: Tips for Preparing for Medicare Enrollment

Medicare is one of the best health insurance policies anyone 65 and over can get. You may be at the point where your 65th birthday is right around the corner, and you are curious about enrolling in Medicare. With this information, you will be well-prepared to begin your journey to better healthcare coverage.

Take advantage of the Initial Enrollment Period

When it comes to enrolling in Medicare, there’s no time like the present. While Medicare is advertised as a plan for those who are 65 and older, you don’t have to be 65 to begin enrolling. Your window of opportunity starts three months before the month of your 65th birthday and lasts until three months after the month you turn 65. At this point, you can enroll in Medicare without any late fees. This is the Initial Enrollment Period.

When you enroll at this time, you may be able to get Medicare Part A that costs $0 in monthly premiums if you’ve lived in the U.S. long enough to pay taxes for at least 40 tax quarters.

Assess your medical needs

When thinking about what you need treatment for, this can help you decide what Medicare Parts you want to join. There are four parts – A, B, C, and D.

Medicare Part A covers your treatment costs when you’re admitted as an inpatient. This can be in a hospital, skilled nursing facility, or hospice.

Part B covers treatments in the outpatient setting. Services such as screenings, X-rays, routine visits, and immunizations are all examples of what Part B covers.

Part C is a combination of Medicare Parts A, B, and D. This is most commonly known as Medicare Advantage. It’s only offered through private insurance, and its coverage is only applicable within a certain network of healthcare providers. Medicare Advantage also offers additional coverage such as that for dental, vision, and hearing treatments.

Part D covers prescription drugs, and it will work to find you the lowest possible prices for the medications you need.

This shows all of the possibilities, with each one being optional. You can choose to have all or just one, depending on your medical needs.

Consider adding a supplement plan

Medicare Supplement Plans, aka Medigap Plans, can help with certain out-of-pocket costs by either eliminating them entirely or covering a significant portion of them. This helps you take your savings one step further. You should consider this now, because this has the shortest window of opportunity. You have six months from the day that you turn 65 and are enrolled in Part B to join. After that, it will be harder to obtain a Medicare Supplement policy as insurers have the right to deny you coverage based on your health.

We help you prepare

At World Financial Solutions, we make enrolling in Medicare easy. No matter what question you have about Medicare, we can provide an answer. Now is the best time to get started, and today, you can get started with us by calling 281-639-7787.