the best Medicare Advantage Plan or Medicare Supplement to fit their situation!
the best Medicare Advantage Plan or Medicare Supplement to fit their situation!
* Surveys report Individuals have received incorrect information when calling SS's main 800 # !
How it works! SS develops the regulations for eligibility & how/when to sign up for MediCare and also processes all applications. I call their regulations "rules". They state: You decide when to sign up.
The rules indicate Individuals:
-> Become "eligible" the month when 65.
-> Have specific periods to sign up, which are on this page.
There are two exceptions to the eligible at 65 rules:
-> A person who started SS benefits before 65 will be automatically enrolled the first of their eligible month. [They can opt out of Part B if working.]
-> Someone who qualified for SS disability becomes eligible and can sign up for Part B after 24 months!
-> completing your application for Part A & B.
-> options to pay your share of Part B's monthly cost.
Note (1): You pay 25% of MediCare's per person cost for Part B, which is $148.80 in 2021.
Note (2): Your share is higher if the AGI on your IRS 1040 [two years ago] is above 88k for Single & $176 for Joint. There are five AGI based levels above the base level with a higher monthly cost for each!
-> the charts SS has to help you select a good age for your situation to start receiving SS benefits. Ask if they can create and mail one or how you can get them online?.
An online sign up option: There are many advantages to a back and forth conversation with a SS Retirement person. However, if it is better for you, there is a way to sign up on line. Scroll down on this SS page to the Section – How to apply just for MediCare then — select the Blue Button.
[I do not recommend on line sign up when leaving an employer plan after 65.] — Call if any questions on this .
Note: When the application is complete - MediCare calls you "entitled" [not enrolled ] for:
-> Part A — inpatient care in a hospital.
-> Part B — medically necessary outpatient services.
Note: Entitled is the date MediCare's medical treatment coverage started and is on your MediCare ID card above Part A & B! Pic of the ID card on this page and the info explaining the new style.
Many say yes to both questions! A survey of those over 65 found:
- > 29% do not understand Medicare Advantage Plans
- > 23% do not understand Medicare Supplements & only 48% said enrollment was easy.
The next Tip — call John C Parker at (860) 451-9793. [Google Voice #] We can talk about your situation / interest and simplify for you:
● how MediCare works & when to sign up,
To find the best option for your situation we will review the two kinds of Medicare Health Plans available in SE CT.
When you work after 65 you can sign up at anytime using a Special Enrollment Period (SEP).
Key — to be eligible for this SEP you have to be covered by your employers medical plan - or were within 63 days!
Another Tip: Call the Local SS office — ask to talk to — or for a time to call a Retirement person. When you talk tell them the date you plan to leave employer coverage and want to:
● Apply for Part B. .
-> FYI. They will also activate Part A but it will be backdated six months from your Part B date.
● Discuss the options to pay your monthly cost for Part B [$148.80 in 2021 ] :
-> it's deducted from SS if you are or will be receiving benefits.
● To qualify for the SEP you need to get a CMS-L564 form completed by your employer showing the dates you were covered.. Ask if they can:
-> eMail it to you.
● You can also find the CMS-L564 on this link – scroll down until you see a link to CMS-L564 and below it a link to CMS-40B which is the application form for Part B,
When the CMS-L564 is signed and returned to SS it:
-> approves your SEP for the Part B the date you want.
-> shows you had coverage thus avoiding B's late enrollment penalty.
BTW — You can't just sign up for Part B when you want! <—> Federal regulations limit sign up times when past 65 to these periods.
MediCare — does not pay MDs or other outpatient providers 100% of the approved amount for the services they provide!
Let's look at MediCare's system!
● All medical treatments and services are reviewed and an approved amount is "assigned" ** for each.
● Asks MDs and other outpatient providers, who agreed to participate, to accept just 80% of the approved amount. Thus, providers are asked to accept "assignment".
** Discounted, often deeply, from retail!
Let's look at what you pay when going for — any:
● Outpatient treatments or services: Using Part B means you pay 20% of the amount MediCare's approved! Then too, at the beginning of each year you also pay Part B' deductible — $203 in 2021.
Bottom line — so many medical treatment and services are outpatient today so this could quickly be a Big Risk to your income & savings!
● In hospital treatment: When admitted Part A's coverage is very extensive and MediCare pays all medically necessary treatments / services — and you are responsible to pay Part A's deductible each time admitted. It's $1,484 in 2021.
Buy a special kind of insurance I like to call — Medicare Health Plans! When you buy — it"s like you put up an umbrella over your income & savings!
Note: If you don't buy — bills will come like a rain storm!
The name in red is a link to a page with information on how each of these "risk protection" plans work when you have expenses following medical treatment / services:
● Medicare Advantage Plan in New London CT or a
● Medicare Supplement in CT
Each has options to meet your situation / interest / budget.
A key point when you are thinking about buying a Medicare Health Plan — Beware of TV ads!
One says - Call Today - get better coverage! Why?
● You can't sign up for a Medicare Advantage plan when you want. Times are limited to certain federal enrollment periods!
● Many "new benefits" mentioned are only available if a person's income is low and they are also eligible for MedicAid.
Another says - Buy a Medicare Supplement [ a Medigap ] But:
● The plan being advertised is not approved in CT!
● No one can say an accident won't happen!
● The possibility of an illness with complex treatment is high, which means = significant costs!
Bottom line because of what may happen in any ones life it important for you to — buy either a:
-> Medicare Advantage (MA) Plan approved for New London County
-> Medicare Supplement approved in Connecticut
Owning either option + + protects your income & savings from big expenses + + puts you in control + + provides peace of mind :
Note: When you sign up for a Medicare Health Plan it can be changed once a year and a Med. Supp. can be changed at any time!
Whether you'll soon be 65 — or planning to leave an employer plan after working past 65 call/text John C Parker's Google Voice today (860) 451-9793) and I can — perhaps with multiple calls & eMail :
● Review what's best for your situation / interest / budget,
● Increase understanding not just to review plan details.
Note: Whatever time you need will be available to help you.
BTW — taking time to talk = a more informed decision and it's also OK to say — now is not the right time!
> I am told this is a big Help!
You can also send questions to me about signing up for a Medicare Advantage Plan or a Medicare Supplement:
● Using the form below or
● To — Learn@JohnCParker.agency
