6 Things You Need To Know When You Sign Up For Medicare

6 Things You Need To Know When You Sign Up For Medicare

????????????????????????????????????????????????????????????????????????????????????????Yep 10,000 boomers are turning 65 every day. One of the perks of turning 65 is you can sign up for Medicare.

  1. Yes you may want to sign up for Medicare when you turn 65 even if you are still working. It’s worth your time to check if signing up for Medicare is worth your time and money.
  1. Medicare has 3 parts. Part A hospitalization, Part B medical visits and Part D the prescription drug benefit. Even if you do not use any drugs you want to sign up for Part D. Because just like Part B if you don’t sign up you may be penalized for not signing up and have to pay a higher premium than you would if you had signed up at 65.
  1. If you are not receiving Social Security you need to contact Social Security 90 days before you turn 65 or 90 days after you turn 65 in order to sign up for Medicare. Your Medicare Part B medical visits start date might be delayed if you sign up after your birth date.
  1. Medicare has gaps you can save a lot of money if you buy a Medicare Supplement policy when you turn 65. You have a 6 month window after you turn 65 to buy a supplemental policy where per-existing conditions are not taken into account. If you wait to buy a Medicare supplement policy you may not be able to get one if you have anything medically wrong with you.
  1. Medicare Advantage annual enrollment period is Oct 15th to December 7th every year. Open enrollment gives every Medicare participant whether you are an experienced Medicare user or new to Medicare, a time to review your Medicare Advantage Plan or Part D Drug Plan and make changes to your coverage to be begin January 1.
  1. Whatever you decide to do about your Medicare when you turn 65 it is a lifelong decision. Do your research and talk to a Medicare Specialist now. Call Patti 800-452-6826 at Bancorp Insurance Monday through Friday 9am to 5pm bancorpinsurance.com or go to Medicare.gov website.
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