Cracking the Medicare Code
Open enrollment for Medicare and Medicare Supplements is right around the corner. Medicare programs are notoriously challenging to navigate, but it’s a crucial decision that most of us will have to make at some point in our lives.
The question most people start with is one of eligibility. There are two essential parts to Traditional Medicare, Parts A and B. Part A has to do with hospitalization, and you become eligible on the first of the month for your 65th birthday. If you become eligible for Part A, it’s recommended to enroll immediately because there is no premium. This remains true even if you are still working and have health insurance through your job. It will get you into the system, and you’ll start receiving “Medicare & You.”
On the other hand, part B has to do with doctor visits and bills, including medically necessary services or preventive care. It’s recommended that you enroll with the Social Security office about 2-3 months prior to when you’ll be looking to receive the full Medicare enrollment benefits. When it comes to enrolling for Part B, this can be particularly tricky and could cost you. If you are already retired or will retire right at 65, the answer is simple: sign up for Part B at the same time you enroll in Part A. If you are still working, it’s something that you must figure out when the right time is to enroll.
It’s essential to enroll at the right time. If you don’t sign up for Part B when you should, you will be hit with a high late enrollment penalty. The penalty is a permanent increase in your Part B premium of 10% for every year that you should have been enrolled. For example, if you sign up for Part B two years after you should have, your premium will be 20% higher, and that added cost never goes away!
Therefore, it’s extremely important to get financial advice early, to make sure that all your advisors, assets, and benefits are coordinated. You don’t want to pay more than you have to. Lastly, Part D is a critical supplement for prescription coverage. Generally, these are available on the open market for plan designs that don’t already provide prescription coverage. They are pretty standard in terms of benefits. There is generally an annual deduction, initial phase, and then what we call a “diminishing donut hole” and then a catastrophic coverage phase. These are annual design phases with a new year annual rest on January 1st each year.
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