Transitioning from your prime of life to your senior years is a process. You should start planning, saving, and investing in your younger years. If you are in these young years continue using your financial planner or contact us for ideas, options, and implementations. This includes strategies for Social Security optimization and investment diversification.
Our 65AZ.com website focuses on Medicare comparisons and enrollment.
This webpage focuses on an overview of the Medicare enrollment process.
In the months before turning age 65.
Set up an online account at Social Security
Note that you need an online account at Social Security to enroll in Medicare Part B. You do not have to retire or take Social Security income payments to have this account. If you have not already done so, please register for your Social Security Online Account on this link: ssa.gov/myaccount/create.html
This account provides access to valuable information for you. For example, there is an annual report with estimated Social Security retirement payments at various ages. We can help you if needed.
Sign Up for Medicare Part B
Two or three months before your 65th birthday month people should register for Medicare Part B. You are automatically enrolled in Medicare Part A.
Your Medicare coverage will be effective on the first day of your birthday month. For example, if your birthday is June 22, your Medicare coverage will begin on June 1.
- Link to the Medicare overview page: Medicare.gov/sign-up-change-plans/get-started-with-medicare
- Link to the actual Part B sign up page: secure.ssa.gov/iClaim/rib
Please mark down your unique Medicare Number to use for enrollment to a Supplement or Advantage Plan.
Step 2 Choose a Supplement or an Advantage Plan.
Initially and annually thereafter you have a choice between two distinctly different ways to proceed.
Option 1 - Medicare Supplement Plans
Tend to be better for those who can afford upfront premiums and for those who want freedom of access to more medical providers.
Keep Medicare Part A Plan for which you are automatically enrolled and the Medicare Part B Plan in which you enrolled.
Apply for a Medicare Supplement Plan (also referred to as MediGap) from BlueCross, UnitedHealthcare, or another plan provider.
Also apply for a Medicare Part D prescription plan from one of the many companies offering this. It is important that you choose a prescription plan that is best suited to your needs.
Monthly premiums for Supplement plans increase yearly as you age. Supplement Plans with Parts A, B, and D provide very comprehensive coverage.
Choosing a Medigap Policy: medicare.gov/Pubs/pdf/02110-medicare-medigap-guide.pdf
Option 2 - Medicare Advantage Plans
Tend to be better for those who want to pay no premiums. These plans use provider networks of doctors and hospitals and often offer a comprehensive set of medical and ancilliary benefits.
Enroll to a Medicare Advantage Plan from one of the many insurance companies offering them. This Medicare Advantage Plan will replace everything in Option 1. These Advantage Plans are known as Part C.
These plans tend to cost less or even have no monthly premium. Many also provide extra services such as dental, vision, etc. However, many Medicare Advantage plans have provider networks limited to a specific area. Many also may require referrals and pre-authorizations.
Pages (6, 7, 8) in the 2021 Medicare and You publication summarize the above 2 options. Here is a link to the entire 124 page publication: medicare.gov/Pubs/pdf/10050-Medicare-and-You.pdf
Your Medicare Future
At the end of each calendar year you will have the ability to change whatever Medicare Plan you selected when you turned age 65. This is called the Open Enrollment period and it runs from October 15th to December 7th. To make a change please consult with the Medicare expert who helped you originally. You can also contact us for help or a referral.
Note, You can switch from a Medicare Supplement to a Medicare Advantage plan and then be guaranteed the right to switch back within a year. See page 23 of the Centers for Medicare official US Government document. medicare.gov/Pubs/pdf/02110-medicare-medigap-guide.pdf
However, if you do not want to make a change there is no action to take. Your plan will automatically renew from year to year.
If you change from an Option 1 Supplement Plan insurance company, you will have to contact that insurance company to end your coverage.
Please request assistance from us by calling 602 692-6832 or email Paul@65AZ.com
Paul Breslau - 602 692-6832 FAX 877 538-7168
Breslau Insurance & Benefits, Inc.