What Every 64 Year Old Needs to Know About Medicare | How to Insurance | 048

Hi, I’m Peter!

Welcome to HOW TO INSURANCE

Helping YOU understand insurance, 

building CONFIDENCE for your future! 

Every time you get a paycheck… there are automatic deductions for your future Medicare and Social Security benefits.

You pay into it your entire life and finally get to cash in on those benefits when you’re “Medicare Eligible” when you turn 65.

Today we are talking about:

What Every 64 Year Old Needs to Know About Medicare 

Medicare is the healthcare program that people 65 years+ use and enjoy. 

So, if you’re 64 now and about to turn 65 years old… it’s time to learn the basics and be prepared to apply and enroll as soon as you can. 

There are several parts to Medicare: 

• Medicare Part A - Hospital Insurance 

• Medicare Part B - Doctor Insurance 

• Medicare Part C - Medicare Advantage Plans with Part D

• Medicare Part D - Prescription Drug Plans

• Medicare Supplements (aka “Medi-gap”)

You also have some choice on what plans to enroll in: 

• Original Medicare (only)

• Medicare Advantage Plan

• Medicare Supplement (Medi-gap)

• Prescription Drug Plan

Social Security is an option when you are age 62 to 70. You can enroll in both at the same time, or separately. Once SS payments begin, your original Medicare premium for Part B (currently $144.60) can be deductible from your social security checks.  

So to put it mildly… Medicare can be a bit confusing.

As your insurance broker, I want to make it simple. 

So here are 5 Frequently Asked Questions about Medicare.

1. When can I enroll in Medicare?

When you first turn 65 years old, you have an Initial Enrollment Period, which is three months before your birth month, during your birth month, and three months after your birth month. So, you have a seven-month window of time to enroll, with no health questions asked, when you’re first eligible. Most start it on the first of your birth month.

Every October 15 - December 7 is the Annual Election Period (aka “open enrollment”) when you get to choose a new Medicare Advantage plan or go back to Original Medicare with a Medicare Supplement and Prescription Drug Plan. 

You will likely want to enroll as soon as you’re eligible - unless your job is offering you free health benefits! There are financial penalties for those who do not enroll in Medicare when they are first eligible to (unless you are covered by a group plan). 

2. Where do I find the best information about Medicare?

As an independent insurance broker, I have to study and test for several licenses and certifications in order to help you select the right Medicare products for you. 

There are many people who will try to take advantage of Boomers in order to make a quick buck. So be careful who you work with! 

First, the official government website Medicare.gov should always be your first stop for online information. Make sure to download and read the “Medicare and You” booklet. 

Second, you’ll need to select a trusted and independent insurance broker who can advise you and look out for your interests, rather than the interests of some insurance company. As an independent broker, I will search through ALL the available Medicare plans and help you select the one that seems to be the most appropriate fit for you. 

3. How much does Medicare cost me? 

For people who have worked at least 10 years in the U.S., you’ll qualify for free Medicare Part A benefits because you’ve been working and paying taxes for years. 

The standard Medicare Part B premium amount in 2020* is $144.60 month and can be paid out of one’s Social Security check (if you’ve opted to start receiving it early). 

Any Medicare Advantage, Supplement, or Prescription Drug Plan would be an additional cost. (Many Medicare Advantage plans have a $0/monthly premium.)

4. How do I enroll in Medicare? 

The easiest way to enroll in Medicare is online. 

Go to MyMedicare.gov and set up an account. 

You can do this as early as three months before your 65th birth month. 

5. What if I receive health insurance through my employer?

If you have health insurance through your employer (or spouse’s employer) you have the choice to either keep that plan or start a Medicare plan at age 65. 

There are pros and cons to both sides. Usually, it’s a matter of weighing the costs and benefits of each option.

Reach out to your trusted independent broker to help you analyze your options.

Next Steps: 

1. Contact your trusted Independent Insurance Broker for assistance.

2. Enroll in Medicare as soon as you’re eligible.

3. Build confidence for your future!

At Apple Insurance Solutions,

We all want to protect what matters most to us in life, 

but finding the right insurance can be confusing. 

So I make it simple. 

As Your Insurance Broker, 

All your insurance is covered in one relationship,

saving you time and

building confidence for your future. 

If this was helpful to you, please: 

• “Like and Share” this post

• Follow me on social media (@appleinsurancesolutions)

• Contact me at peter@appleinsurancesolutions.com

Also, keep in mind, that as Your Insurance Broker,

I offer insurance for auto, home, life, health, medicare, umbrella and business… when you work with me, all your insurance needs... are in one relationship.

Thank you for reading HOW TO INSURANCE

Helping YOU understand insurance, 

building CONFIDENCE for your future! 

PETER D JOHNSEN

Insurance Broker | Apple Insurance Solutions

360.818.4865 OR/WA 818.620.8171 CA

appleinsurancesolutions.com  

Auto | Home | Life | Health | Medicare | Umbrella  

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