This month’s Guest Blogger is Nancy Nimmo, a licensed Medicare & Individual Health Insurance Consultant, from Lawley Insurance. Nancy is a part of Lawley Medicare Solutions which is a non-government entity helping those eligible for Medicare insurance understand the various plans available to them and find the Medicare insurance plan that best matches their needs.
Nancy Nimmo
Here are some questions to ask that can help you better understand if and when you should sign up for Medicare Insurance.
1. What Is My Current Employment Status?
Current employment status, health coverage, and employer size are all factors that can determine if an individual can delay enrolling in Medicare insurance without incurring future penalties after they turn 65.
2. Am I Collecting Social Security?
Individuals who are collecting Social Security income benefits or Railroad Retirement benefits prior to turning age 65, will be enrolled into Medicare Part A and Part B. These individuals will be able to decline Medicare Part B, if they have outside creditable coverage. Individuals automatically enrolled will receive their Medicare ID card and paperwork three months prior to turning 65.
Individuals who are not collecting retirement benefits before age 65 can choose to self-enroll into Medicare insurance. Enrollment decisions are based on the current employer-sponsored health insurance coverage of the individual or their spouse. Note: An enrollment reminder will not be sent to these individuals.
3. When Is the Best Time to Sign Up for Medicare Insurance?
The Annual Enrollment period for Medicare Advantage runs from October 15th through December 7th and is a great time to go over your benefit options.
Enrollment in a plan may be limited to the Annual Enrollment period unless you qualify for a Special Enrollment Period (SEP). An independent licensed insurance agent can advise if you qualify for any SEP.
When an individual turns 65, they age into Medicare insurance. However, this does not mean an individual is required to enroll in a plan as soon as soon as they turn 65, nor is it an automatic enrollment for some individuals.
An individual has an enrollment period when they turn 65 that is seven months long. The period starts three months before a person turns 65, during the month of turning 65, and continues three months after turning 65.
4. Who Can I Work With?
Working with an independent insurance agent can break down Medicare insurance options into simple terms and help an individual navigate through the Medicare insurance enrollment period.
Independent licensed insurance agents often represent a variety of insurance carriers, which may all have different plan options available, depending on the service area.
Lawley Medicare Solutions has independent, licensed, and certified insurance agents that can help you find the plans that best fit your needs. Visit lawleyinsurance.com for more information.
