Turning 65 - Congratulations!

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We specialize in helping employees transition from group health insurance into Medicare. 

We help answer questions like: Should I get my Part B now if I'm still working? Is there a penalty if I don't? What about Part D? What plans should I be looking at? Medicare Supplement (also known as Med Supp or Medigap plans), or a Medicare Advantage plan? Where does Part D Prescription Drug coverage fit into all of this?

• The time to enroll in Medicare parts A and B is during your Initial Enrollment Period (IEP), and if you miss that window, you may be subject to a late enrollment penalty.
• Your Initial Enrollment Period (IEP) is a seven-month time period. It begins three months before the month of your 65th birthday. It then includes the month of your birthday and extends for three months after your birthday month.  
• This same 7-month window is also used to enroll in a Medicare Advantage (Part C) or Part D plan.
• Medicare Supplement Plans (Medigap/Med Supp): When you first enroll in Medicare Part B, you have 6 months before your Part B effective date and 6 months after, to enroll in a Med Supp plan without answering health questions. If you are outside of this window, and do not have a qualifying event, you may have to answer health questions to enroll in a Med Supp plan
• Annual Enrollment Period (AEP): October 15th - December 7th of each year. Medicare beneficiaries that already have Part A and Part B can use this election period to enroll in, change, or disenroll from a Part D or Medicare Advantage plan. 
• Special Enrollment Periods (SEP): There are other times of the year when a change in your Medicare plan is allowed. Please call for more details.

There are a number of unpleasant consequences you might face if you don’t sign up for coverage during your IEP. These apply only if you do not have other creditable coverage, like employer coverage. (Note: VA benefits do not qualify as credible coverage for Part B.)

• If you don’t enroll in Part B during your IEP, you’ll probably have to pay a late enrollment penalty, for as long as you have Medicare coverage. The penalty is 10% for every 12 month period you should have had Part B but didn’t enroll. In 2023, the standard premium for Part B is $164.90, which means you’ll pay an extra $17.01 every month. This will increase if the standard Part B premium goes up next year, which it likely will. You’ll pay this penalty even if you ultimately choose a Medicare Advantage plan.
• You may also go without Part B coverage for a significant chunk of time. If you don’t sign up during your IEP, you’ll have to wait until the next General Enrollment Period, or GEP. Your coverage won’t start until the 1st of the following month after you apply.
• If you don’t have creditable Part D prescription drug coverage and miss your IEP, you’ll pay a penalty with your Part D premium — again, as long as you have the coverage. The penalty is 1% per consecutive month that you went without coverage for prescription drugs. The national base premium is currently about $32.74 per month, so if you go without coverage for a year, you’ll pay an extra $3.96 a month (and quite possibly more if the Part D base premium increases) for as long as you have coverage.
• In the rare situation where you don’t qualify for premium-free Part A because you don’t have enough work credits, and you don’t buy it during your IEP, you’ll pay a 10% premium penalty for twice the number of years you could have bought the coverage but didn’t.

Please contact us to schedule a Group Medicare 101 seminar for your company.