Medicare enrollment can be very overwhelming for many people trying to sign up for the first time. Here are some common questions and things to think about with regard to Medicare.
When do I sign up for Medicare?
You are eligible to sign up for Medicare up to 3 months prior to your 65th birthday. If you are already taking Social Security, you will be automatically enrolled in Medicare Parts A and B. There is no cost for Part A, but Part B is $144.60 per month for individuals with income under $85,000 or $170,000 filing jointly in 2020.
What if I or my spouse are still working?
Depending on the plan, you may be required to enroll in Medicare. If your plan allows you to keep your coverage, it will pay the Medicare Part B. Be sure to talk to your plan administrator to see if you should still enroll in Part A. If you have a HDHP with an HSA you cannot keep your current plan and must enroll in Medicare. Though you can keep your HSA, you cannot contribute to it. If your household is under one plan, be sure to talk to the benefits administrator to see if your spouse can stay on the plan at age 65.
There is still more to think about because Medicare Parts A and B may not cover everything. Though Part A helps with inpatient hospital costs and Part B helps with doctors visits and some other medical services, you may want to consider additional coverage. Part D, Supplemental packages, and Medicare Advantage plans are some of the additions you will want to consider and shop for before enrolling into Medicare. We can help you with some of these conversations, as well as introduce you to additional resources that can aid you in making the best decisions for your health care needs as you approach age 65.