Medicare is the program that many older Americans and those with disabilities turn to for health care coverage. You become eligible for the program at 65, meaning you will need to set aside time to go through many options to sign up for the type of coverage that meets your health needs and your budget. You can start signing up three months before you turn 65, and will have until three months after your birthday month to finish enrolling.
You will need to do some homework before you actually start assessing options and choosing plans. First, make a list of your doctors and decide how important it is for you to continue seeing them once you are on Medicare. You can also make a list of any medications you already take so you can make sure that any prescription drug plan you select will meet your needs.
Consider your lifestyle. Factors like travel, medical care required, the places you visit and more are likely to figure into the decisions you make. Your current financial situation also is super important. You will learn as you choose your plan that Medicare helps pay for medical care costs for older Americans as well as people with disabilities. But it isn’t free. Choose an option you can afford and build all the out-of-pocket costs into your own budget.
The Late Enrollment Penalty
If you don’t have health insurance that allows you to delay enrolling in Part B when you first get eligible, you will probably be subject to a late enrollment penalty which increases your monthly Part B premium 10 percent for every year you are late in enrolling.
The Open Enrollment Period
This period for Medicare enrollment lasts from October 15 to December 7 but is a window for people who already have Medicare to then review their coverage and decide if they want to make any changes.
The Special Enrollment Period
If you are over 65 and relying on health insurance through your own or your spouse’s job, and one of you is laid off or you decide to retire, this will trigger a special enrollment period during which you can sign up for Medicare and n face any penalty for a delayed signing up for Part B.
