Medicare can be confusing – We are here to help you get the right coverage for your needs!
If you are just about to turn 65, you are probably getting a ton of email and direct mail. The amount of information is overwhelming and it’s hard to decipher what you really need to know. You are not alone!
The truth is, most people aging into Medicare have no idea what they need, how to enroll, what the various plans mean, how much coverage they need, etc. If you are turning 65 or researching different options during your Initial Enrollment Period our experienced team of local, licensed agents can help.
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First, Learn How Medicare Works
Medicare consists of several parts that are identified by letters. There is Part A, B, C and D. It is important to first understand how Medicare works to avoid penalties and ensure you obtain the correct coverage to fit your needs and budget annually. Learn more about the various parts of Medicare and Medicare Vocabulary by clicking on the links below.
Appointments are available at no charge or obligation to enroll, simply complete the contact form on the right to request a virtual, in-person or telephone appointment or give us a call at (800) 452-6826.
Second, Determine When You’re Eligible for Medicare
There are three main ways that you can become eligible for Medicare. The most common way an individual become eligible is by turning 65. However, you can also be eligible if you are disabled and receiving social security benefits or have end-stage renal disease. Continue reading to determine how you may be eligible.
Most people become eligible for Medicare because they are aging in, which means you are turning 65. You are eligible for Medicare at the age of 65 if you have worked and paid Medicare taxes for at least 40 quarters within your lifetime. Your Initial Enrollment Period runs three months prior to and three months after your 65th birthday. At this time, you can select and enroll in a new plan.
If you miss this Initial Enrollment Period or decide not to enroll, you will be able to enroll annually during the Annual Enrollment Period. However, you will incur a late enrollment penalty.
Another way to become eligible for Medicare is by disability. If you are receiving Social Security Disability benefits for 24 months, you will then qualify for Medicare on the 25th month. The 25th month then becomes your Initial Enrollment Period.
End-Stage Renal Disease
End-stage renal disease (ESRD) is the last stage of chronic kidney disease, kidney failure. For people in ESRD you must either need a kidney transplant or regular dialysis to qualify automatically for Medicare. You become eligible after your first dialysis treatment. However, benefits expire if a kidney transplant is received, and dialysis treatments are no longer necessary.
Third, Choose your Coverage
Most people choose to enroll in Medicare Part A or coverage for Hospitals as it is available free of charge once you become eligible for Medicare and have paid taxes for more than 10 years. Part B or coverage for doctors has a premium based on your income from you last 2 tax returns and can vary by income. Additionally, you can incur a fee for delaying to enroll in Part A & B when you are first eligible.
If you decide you want Medicare Parts A and B, you will need to choose to:
A – Keep Original Medicare coverage, or
B – Choose a Medicare Advantage Plan (private insurance like an HMO or PPO)If you choose to keep Original Medicare coverage, we recommend adding a Medicare Supplement and/or a Medicare Part D prescription drug plan.
This is the part where you may feel more comfortable reaching out to an experienced agent that can help you review your medical needs; travel plans and prescriptions to ensure that you are enrolling in the proper plans.
Appointments are available at no charge or obligation to enroll, click the link below to request a virtual, in-person or telephone appointment or give us a call at (800) 452-6826.
Meet the Bancorp Insurance Medicare Team
Ready to take the first step towards the perfect coverage?
We’re currently accepting in person, phone and virtual meetings to assist you in the most comfortable way possible.
51473 Hwy 97
La Pine, OR 97739
Mon-Fri: 9am – 5pm