For most people, Medicare coverage begins at the age of 65. You’ll want to start preparing a few months before your birthday, so you don’t miss out on these enrollment opportunities. Here are three essential steps everyone should follow before their 65th birthday:
Step #1: Review Current Insurance Coverage
Look at your current health insurance coverage through your employer or the insurance marketplace. Will this coverage change after you turn 65? Is it necessary for you to sign up for Medicare around your birthday?
If you need to sign up for Medicare and miss the Initial Enrollment Period, it can result in penalties and higher costs. So, even if you have a current health insurance plan, it’s still crucial that you talk to an insurance expert to learn more about Medicare coverage.
Step #2: Learn About Medicare Parts A, B, C, & D
Healthcare coverage varies depending on the type of Medicare plan(s) you choose. For example, original Medicare includes both Part A (hospitalizations) and Part B (general outpatient healthcare services). But there are notable gaps in this coverage, which is why many people choose a Part C and/or Part D plan as well.
Medicare Part C is the option to sign up for healthcare coverage through a private insurance company. These plans include extra services, such as dental, vision, and even fitness memberships. Part D is available to help with the costs of prescription medications.
Step #3: Check Medicare Enrollment Periods
There are specific windows of time when you can enroll in Medicare. It’s essential that you mark your calendar, so you don’t miss these opportunities. For example, the Initial Enrollment Period happens the year you turn 65 and includes:
- Three months before your birthday month
- Your birthday month
- Three months after your birthday month
So, you have a total of 7 months for the initial enrollment.
Then, there is an annual open enrollment period when you can change your plan if desired.
Insurance Advice for Personalized Medicare Coverage
At Active Medicare Solutions, we offer personalized consultations to help you find the ideal Medicare coverage for your unique needs. For more information, call us to discuss your options: (804) 874-6000.