Medicare Advantage Plan or Medicare Supplement to fit their situation!
Medicare Advantage Plan or Medicare Supplement to fit their situation!
* Surveys report some people received incorrect information calling SS's main 800 # !
MediCare eligibility & sign up: SS is reponsible to process all applications. Their regulations, I call them "rules", say:
-> You become "eligible" to sign up and can decide to have coverage begin the month when 65..
-> If you apply in month 3, 2, or 1 before eligible Part A & B begin the 1st day of the month when 65.
-> You are responsible to decide when to sign up.
There are two exceptions to the rules on being eligible at 65:
-> A person who signed up for SS benefits early will be automatically enrolled the month eligible. [They can opt out of Part B if working.]
-> Someone who qualified for SS disability is signed up after 24 months!
-> completing your application for Part A & B.
-> your options to pay Part B's monthly cost. [Base is $148.80 for 2021]
Note: This base cost is 25% of MediCare's per person cost.
BTW: Your share goes up if the AGI on your IRS 1040 [two years ago] is above 87 k for Single & 174 k for Joint. The first step up in 2021 is for an AGI of 88k & 176k in 2021. There are five AGI based levels above this each with a higher monthly cost!
-> the charts SS has to help you decide a good age to start receiving SS benefits. Ask if they can create and mail one or can you get them online?.
An online sign up option: There are many advantages to a back and forth conversation with a Retirement person. However, if it is better for you, SS has a way to sign up on line. Scroll down on this SS site to the Section – How to apply just for MediCare. Select the Blue Button.
[I do not recommend this when leaving an employer after 65. Call if questions on any of this .]
Note: When the application is complete - MediCare calls you "entitled" [not enrolled ]. Entitled is the date your medical treatment coverage started for:
-> Part A — inpatient care in a hospital.
-> Part B — medically necessary outpatient services.
Note: Entitled 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!
The next Tip — call John C Parker's Google Voice (860) 451-9793. We can talk about your situation / interest and simplify for you:
● how MediCare works & how to sign up,
To find the best option for your situation we will also review the two kinds of Medicare Health Plans, how they work to protect your income & savings, and the options available in SE CT.
When you work after 65 you can sign up any time you want using a Special Enrollment Period (SEP).
Key — to be eligible for a 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 when you plan to leave employer coverage and want to:
● Apply for Part B. .
-> FYI. Part A will be activated but backdated six months from your date for Part B.
● Discuss ways to pay your monthly cost for Part B [S144.60 in 2020 & $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 have the CMS-L564 form completed by your employer. Ask if they can:
-> eMail it to you. It shows dates you were covered.
Note: A back and forth conversation with a Retirement person is great but SS has an option to sign up on line if that is better for you. On this SS page – scroll down to a Section – How to apply just for MediCare. Select the Blue Button.
[A point: On line works fine when turning 65 but I recommend being careful trying to sign up after 65.]
● The CMS-L564 form to qualify for a SEP is on this link – scroll down to the Section - Already enrolled in Medicare. You will see a link to CMS-L564 and one in the second paragraph to CMS-40B which is the application form or Part B,
Note: Your employer fills in CMS-L564 with dates you had medical coverage and signs.
Returning CMS-L564 to SS:
-> approves the SEP to sign up for 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 providers 100% of the approved amount for the outpatient services they provide!
Lets look at this! — MediCare's system:
● Reviews all medical treatments and services and "assigns" ** an approved amount for each.
● Asks MDs and others, who agreed to participate, to accept just 80% of the approved amount when they submit treatment invoices. Thus, providers are asked to accept "assignment".
** Discounted, often deeply, from retail!
Let's look at what you pay going for — any:
● Outpatient treatments or services: Using Part B means you pay 20% of MediCare's approved amount! Then too, at the beginning of each year you also pay Part B' deductible — $198 in 2020.
Bottom line — so many treatment and services are now done outpatient 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 — but you are responsible to pay Part A's 2020 $1,408 deductible each time admitted.
Buy a special kind of insurance I like to call — Medicare Health Plans to protect your finances! 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 information on how each of these "risk protection" plans work when you have medical expenses following 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 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!
● Then too, the possibility an illness with complex treatment may happen is high, which means = significant costs!
Bottom line because of what can happen in any ones life — buying either of these :
-> Medicare Advantage (MA) Plans approved for New London County
-> Medicare Supplement approved in Connecticut
will protect 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's not permanent! MA plans 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).
Whatever time you need will be available — perhaps multiple calls - to:
● Review what's best for your situation / interest / budget,
● Increase understanding not just to review plan details.
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 on signing up for a Medicare Advantage Plan or a Medicare Supplement:
● Using the form below or
● To — Learn@JohnCParker.agency