Medicare, what you need to know if you are planning to work past age 65.

Most people become eligible for Medicare upon turning 65. If you delay your Medicare enrollment and do not have other creditable coverage, it can result in financial penalties and delay your Medicare coverage. If you receive Social Security Disability, or Retirement Benefits, Railroad Disability, or Retirement benefits, you will automatically be enrolled in Medicare Part A & B, starting on the first day of the month you turn 65. You will receive a letter in the mail approximately three months before turning 65. It will contain your Medicare Card and a letter that gives a brief overview of how Medicare works and the cost of your monthly Part B premium. The Part B premium will be deducted automatically from your Railroad Retirement or Social Security check. You will also have the option of turning down Part B if you have other creditable coverage. Please note that COBRA coverage does not count as creditable coverage for Medicare purposes. Neither does military retiree coverage or VA benefits. Just because you have other health insurance doesn’t mean it’s creditable coverage. Always ask your HR department to be sure. If you are not receiving Social Security or Railroad Retirement benefits, you will not be notified when it’s time to enroll in Medicare. Medicare Initial Enrollment Period There is an Initial Enrollment Period (IEP) for people turning 65. It is a seven-month period beginning three months before the month you turn 65, the month you turn 65, and three months after the month you turn 65. Three Ways to Sign-up for Medicare When Turning 65. You can sign up by contacting your local Social Security office or the Railroad Retirement Board office to schedule an appointment. You may also sign up for Medicare online at: https://www.ssa.gov/benefits/medicare/ Alternatively, you can call Social Security at 1-800-772-1213 and sign up over the phone. It is best to start this process at least three months before turning 65, as scheduling an appointment with your local Social Security Office can take one or even two months. If you miss your Initial Enrollment Period (IEP), you may sign up during the General Enrollment Period (GEP), which runs from January 1 to March 31. Your coverage starts the month after you sign up. In addition, you may pay a Part B late enrollment penalty (10% per 12-month period) that lasts as long as you have Medicare coverage. Medicare has many policies, timelines, and penalties; different rules apply to different situations. That’s why it is essential to consult a licensed independent insurance agent. I specialize in Medicare products and represent all Medicare Supplement plan types. Call or email today to start plotting your course through the Medicare maze. I make the complex simple by shopping the plans and rates for you. There is never a fee, and you are not obligated to use my services.

Medicare Explained in Plain English