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 some people received incorrect information calling SS's main 800 # !
MediCare eligibility: SS's regulations, I call them "rules", say:
-> You become "eligible" to sign up the month when 65..
-> If you apply in any of the three months befor eligible Part A & B begin the 1st day of the month when 65.
BTW: SS is responsible to process all applications for MediCare!
There are two exceptions to the sign up when you want rule:
-> A person who signed up for SS benefits early will be enrolled the month eligible.
-> 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 $144.60 base (in 2020) monthly cost.
Note: This base amount is 25% of MediCare's cost per person.
Note: Your share goes up if your IRS 1040 AGI [two years ago] is above 87 k for Single & 174 k for Joint. There are five income based levels with higher cost above this!
-> the charts SS has to help you decide a good age to start receiving SS benefits. Ask if they can create one for you and mail or can you get them online?.
Online sign up: There are many advantages to a back and forth conversation with a Retirement person. However, if it is better for you SS now 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 .]
An important MediCare word! When you complete sign up - MediCare calls you "entitled" [not enrolled ]. Entitled indicates 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 the MediCare ID card! It's above Part A & B to - see 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,
● the two kinds of Medicare Health Plans, how they work to protect your income & savings, and what options are available in SE CT,
SS rules say — if you work after 65 you can sign up any time you want 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 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 ] :
-> it's deducted from SS if you are or will be receiving benefits.
● Discuss the CMS-L564 form you need to have completed to qualify for a SEP. They can:
-> eMail it to you. It will show when you were covered.
Note: It is great to have a back and forth conversation with a Retirement person but SS now has an option to sign up on line. On this SS page – scroll down to a Section – How to apply just for MediCare. Select the Blue Button.
[On line works fine when turning 65 but I recommend being careful trying to sign up after 65.]
● The CMS-L564 form needed to qualify is on this link – scroll down to the Section - Already enrolled in Medicare. There is a link to CMS-L564 and Part B's application CMS-40B in the second paragraph of this Section,
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 outpatient providers 100% of the approved amount for the services they provide!
Lets look at why this happens! — MediCare's system:
● Reviews all the 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 would pay just using Part A & B and going for — any:
● Outpatient treatments or services: You pay 20% of MediCare's approved amount! At the beginning of each year you also pay Part B' deductible — $198 in 2020.
Bottom line — so much is done outpatient today so this could quickly be a Big Risk to income & savings!
● In hospital treatment: When admitted 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 a — Medicare Health Plans! 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 is high an illness with complex treatment may happen, 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
