Do I Have To Sign Up For Medicare?
No, you do not have to sign up for Medicare if you are already receiving Social Security benefits. You are automatically enrolled in both Medicare Part A and Part B at the age of 65. If you are not receiving Social Security benefits, you can sign up for Medicare during your first 3 months after age 65. You should sign up for Medicare during your initial enrollment period if you have had employer coverage for at least 10 years, or you have been enrolled in Medicare Part B for at least 6 months, and have not been receiving Social Security benefits.
How do i find out what my medicare costs will be?
Medicare evaluates your annual income from all sources to determine your monthly Part B premium. If you do not have enough income to pay the Part B premium, or you have not paid your Part B premium for 3 consecutive months, you are responsible for paying late penalties. The Social Security Administration (SSA) sends you an annual bill for the balance if you do not pay your portion of the premium during your first 3 months of coverage.
What is in my medicare plan?
Medicare plans include traditional Medicare Parts A and B, and Medicare Advantage plans. Medicare Advantage plans are also called Medicare Part C. Medicare Advantage plans are offered by private insurance companies, and include all the benefits of traditional Medicare (Parts A and B), and may include additional benefits such as vision care, dental care, and prescription drug coverage. Medicare Advantage plans may also charge a monthly premium, which is usually less than the monthly premium for traditional Medicare. The cost of these additional benefits will vary depending on which plan you choose.
What is my deductible for my medicare plan?
Your deductible for your Medicare plan is the amount of medical expenses you pay before your plan begins to pay for your medical expenses. Once you meet your deductible, your Medicare plan pays the vast majority of your medical expenses. The amount of your deductible will depend on the plan you choose. Most Medicare Advantage plans have a lower deductible than traditional Medicare.
How much is my premium?
The monthly premium for your Medicare plan depends on the plan you choose. The amount of your Medicare premiums may change every year.
How much is my copayment?
Your copayment is the amount you may have to pay for each doctor visit, clinic visit, hospital stay, and other covered services. The amount you pay for your copayment may change during the year. Your copayment amount will depend on the plan you choose.
When can i enroll in my medicare plan?
You can enroll in your Medicare plan during the period of time called “initial enrollment.” For most people, this period lasts for a total of 7 months: 3 months before you turn 65 and the months in the 3 months after you turn 65. If you have a Late Enrollment Penalty, you may have 2 more months to enroll.
Does medicare pay for all expenses?
Medicare will pay for some services but not all services. If you have a Medicare Advantage plan, Medicare will pay for most of your expenses. If you have traditional Medicare, Medicare will pay for some of your expenses, but your plan will pay for other expenses.
What if i have medicare part B and i lose my job?
You can keep your Medicare Part B if you lose your job. You must notify Medicare within 60 days of losing your job. You can also enroll in a Medicare Advantage plan. To enroll in a Medicare Advantage plan, you must enroll during the initial enrollment period.
What if i have a medicare plan and i lose my job?
If you have a Medicare Advantage plan, you can keep your Medicare Advantage plan when you lose your job. You must notify your plan within 60 days of losing your job. You can enroll in a Medicare Advantage plan during the initial enrollment period.
What if i can't afford my medicare plan?
If you have a Medicare Advantage plan, you can ask your plan if you can get financial assistance.
If you have traditional Medicare, you can also get help paying for your Medicare Part A and Part B premiums and your Medicare prescription drug coverage.
You can get help paying for Part B premiums if you are eligible for:
– Supplemental Security Income (SSI)
– Federal Public Housing Assistance
– Food stamps
– Non-cash assistance from the Department of Veterans Affairs (VA)
– Other Federal, State or local programs
You can get help paying for Part D prescription drug coverage if you qualify for:
– Railroad Retirement Board (RRB) benefits
– A one-time automatic enrollment during the fall of 2011
– You are a beneficiary or spouse of a beneficiary with a Railroad Retirement Board (RRB) payment
– You are eligible for SSI, or Medicaid, or Food Stamps or Non-cash assistance from the Department of Veterans Affairs (VA)
– You get energy assistance from the State or Indian Tribal organization
– You get TANF (Temporary Assistance for Needy Families), GA (General Assistance), Food Stamps, or Non-cash assistance from the Department of Veterans Affairs (VA)
– You are a Native American living on a reservation, or in a remote area
What if i don't want a medicare plan?
If you are not eligible for Medicare, you are not required to have a Medicare plan. However, if you are not eligible for Medicare and you do not have health insurance, you may have to pay a penalty when you file your tax return.
What if i don't want to pay a penalty?
You can avoid the penalty if all of the following are true:
– You are NOT eligible for Medicare
– You had health insurance for at least 9 months of the year
– You also paid the penalty for not having insurance coverage for at least 1 month of the year