About ten thousand people a day turn 65 in the United States, making them eligible for Medicare health insurance. If you are about to turn 65 you might want to know what being Medicare eligible means to you and how you can best prepare. The most important thing to be aware of is your Initial Enrollment Period (IEP), which is the time period that most people apply to receive their Medicare benefits. Your IEP begins three months before the month of your 65th birthday, includes your birth month, and carries on three months after, for a total of seven months. If you don't apply during this time period you could face penalties later. If you already have health insurance coverage through your employer, you may qualify for a Special Enrollment Period. If you have credible health insurance through an employer you can delay your enrollment in Medicare Part B until your current employer's health insurance ends. You should enroll in Medicare Part A anyway. Be sure you have all the … [Read more...]
Are You Eligible for Medicare Yet Still Working? How Does This Affect Your Medicare Coverage?
Great news - whether or not you retire at age 65, you are still eligible for Medicare! If you, or your spouse, are still employed you may have health insurance through that employer. The first step you should take, before you enroll in Medicare, is to talk with your human resources department. You will need to know which kind of health plan you are currently enrolled in and how (if at all) that health insurance will change if you enroll in Medicare. This information will help you evaluate your Medicare choices and decide which plan is best for you. Medicare Part A, which is hospital coverage, is premium-free for most people. It's a good idea to enroll in Part A as soon as you're eligible, as long as you qualify for it premium-free. However, if your employer plan is a Health Savings Account (HSA) - speak to your employer first. They may stop contributing to your account if you enroll. This is why it is very important to learn exactly how Medicare will change your current … [Read more...]