Plus help to sign up and with buying a Medicare Advantage Plans or Medicare Supplement to protect your income & savings!
Plus help to sign up and with buying a Medicare Advantage Plans or Medicare Supplement to protect your income & savings!
* 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 when eligible Part A & B begin the 1st day of your eligible month.
BTW: SS is responsible to process all applications for MediCare!
There are two exceptions to signing up when you want:
-> A person receiving SS benefits early and is signed up the month eligible.
-> Someone who qualified for SS disability is signed up after 24 months!
-> completing the Part A & B application,
-> your options to pay Part B's $144.60 base monthly cost.
Note: This is 25% of MediCare cost. Your share will be higher if your IRS 1040 AGI [two years ago] was above 87 k for Single & 174 k for Joint. There are five income based levels above this!
-> the charts SS creates to help decide when to start receiving SS benefits. Ask if they can mail it to you or can you get them online?.
Online sign up: There are many advantages to a back and forth conversation with a Retirement person but SS now has a way to sign up on line. On this CMS page – scroll down to the Section – How to apply just for MediCare. Select the Blue Button. [Call if questions on what you see.]
An important MediCare word! When sign up is complete - MediCare calls you "entitled" [not enrolled ] to indicate 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 a person's 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:
● how MediCare works & how to sign up,
● the two kinds of Medicare Health Plans, how they work, and what options are available in SE CT,
SS rules say — if you work after 65 you can sign up any time using a Special Enrollment Period (SEP).
Key — to be eligible to sign up for Part B you have to be covered by your employers medical plan!
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. Doing this also activates Part A but backdates it 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 receiving benefits.
● Discuss the form needed to qualify for the SEP. They can:
-> eMail Form CMS-L564 to you. It is used to 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 page – scroll down to a Section – How to apply just for MediCare. Select the Blue Button.
● The CMS-L564 form needed to qualify is online on this link – scroll down to the Section - Already enrolled in Medicare. The application for Part B CMS-40B form is also available,
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.
When you see an MD or other outpatient providers MediCare does not pay them 100% of the approved amount for the services they provide!
Lets look at what MediCare does and why this happens! — The system:
● Reviews each medical treatment and service and "assigns" ** the approved amount.
● Asks MDs and others, when they agree to participate, to accept just 80% of the approved amount for each when treatment invoices are submitted. This is called asking providers to accept "assignment".
** Discounted, often deeply, from retail!
Lets look at what MediCare pays when just using Part A & B! If you have — any:
● Outpatient treatments or services you are responsible to pay 20% of MediCare's approved amount! Each year you also pay Part B' deductible — $198 in 2020.
Bottom line — there are so many kinds today so this could quickly be a Big Risk to income & savings!
● In hospital treatment - MediCare pays all medically necessary treatments / services - but you are responsible to pay for each admission Part A's $1,408 2020 deductible!
Buy a special kind of insurance to protect your finance, whcih I like to call — Medicare Health Plans!
One way to think about what happens when you buy a — Medicare Health Plans! It's like putting an umbrella up 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 "risk protection" plan works when you have medical expenses for your 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 — 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 is high an illness with on going treatment may happen = significant costs!
Bottom line because of what happens in life — buying one of these plans will protect your income & savings from big expenses — puts you in control — provides peace of mind :
> Medicare Advantage Plans approved for New London County
> Medicare Supplement approved in Connecticut
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 talking = 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
