You need to know the Medicare basics.
First, your Medicare health coverage choices can vary based on your age and whether or not you have retiree coverage through your employer or plan sponsor.
1. Get your Medicare Special Enrollment Period dates. If you qualify for one, your SEP begins when you retire or your employer insurance ends—whichever comes first. It is important that you know and understand your SEP dates.
2. Spouses may get SEPs as well. If you’re covered by your working spouse’s employer health insurance plan, and you are age 65 or older, you may qualify for a Medicare Special Enrollment Period once your spouse’s employer insurance ends.
How to Use Your Medicare Special Enrollment Period
The first step you need to take is to sit down and talk with your employer health insurance plan administrator – before you make any decision. You need to understand if, and how, your plan may work with Medicare. In certain circumstances, you may be required to take full Medicare benefits (Part A and Part B) at age 65 if your employer has fewer than 20 employees. During your Special Enrollment Period, you may:
1. Enroll in Part A, and Part B, if you haven’t already. Note that you have 8 months to enroll.
2. Enroll in Medicare Advantage (Part C) or a prescription drug (Part D) plan. Note that you have 2 months to enroll.
Know that you are not eligible for the Special Enrollment Period when COBRA or retiree coverage ends. However, you may be eligible for a different Special Enrollment Period. Speak with your plan administrator or call the Medicare helpline for more information regarding this.
If you’re getting ready to retire, it’s time to think about Medicare coverage for your healthcare needs.
Get in touch with us today, we can help.
