Medicare and Enrollment

Retirement is one life’s big changes. And, as a new retiree, there’s a lot to look forward to. But retirement can also be a very stressful and confusing time – you’ll be leaving your job and therefore losing your health insurance

How do you get signed up for Medicare benefits? How do you ensure that you still have access to health care when your job’s insurance coverage ends? The good news is that navigating Medicare enrollment doesn’t have to be confusing. Reliable Consulting Group is your trusted advisor and can help you understand the different parts of Medicare: 

  • Original Medicare
  • Medicare Part A
  • Medicare Part B
  • Medicare Part D drug coverage
  • Medicare Supplement Insurance
  • Medicare Advantage Plan/Medicare Part C

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Reliable Consulting Group can help you through the process of enrolling in Medicare.

Understanding the Different Parts of Medicare

Medicare is composed of several different parts.

Medicare Part A coverage is for hospital care and services. Medicare Part B coverage can be obtained for a monthly premium and focuses on doctor visits, medical equipment, and other services. The Medicare Part D plan is an optional prescription drug plan, but you could incur a late enrollment penalty if you don’t sign up when you sign up for Medicare Parts A and B.

Even with Medicare coverage, there is no limit to your yearly out of pocket. That’s why many choose a Medicare Advantage Plan, known as “Part C.” These plans are available through private insurance companies, and they typically also have prescription drug coverage included. You can sign up for these plans when you first become eligible for Medicare or during the annual Open Enrollment Period running October 15th through December 7th.

There is also Medicare Supplement Insurance, sometimes referred to as Medigap. These plans are also offered by private companies, and plan coverage varies. Medigap covers Medicare costs that are left up to the patient (ex. coinsurance and deductibles), but can also pay for some services not covered by Medicare.

Learn More About Medicare with This FREE Guide!

Everything you need to know about Medicare, all in one place. Get your copy of this free guide today!

Signing up for Medicare Coverage

The Medicare program requires individuals to enroll within the months leading up to their 65th birthday, which differs quite a bit from Social Security. There are some exceptions to this rule, however. If you are under age 65 and already receive social security disability benefits, you are automatically enrolled in Medicare parts A and B on your 24th month of disability.  You will also be enrolled in Medicare parts A and B automatically if you are receiving retirement benefits from Social Security when you turn 65.

If you don’t enroll in a Medicare plan during the initial enrollment period, you could experience a delay in the start of your health coverage. If you’re still working and have health coverage through your employer, or you have coverage because your spouse is still working, there is a special enrollment period upon leaving the plan, during which you can get signed up and not incur a penalty. It’s important to sign up as soon as you are eligible so your coverage starts promptly.

To find out more about Medicare and how you can get the coverage you need, contact Reliable Consulting Group today!