Hi, Lenore here with Medicare Plan
Discounts dot com. Are you turning 65 and
about to enroll in Medicare for the
first time? If the answer is YES, and this
message is for you. Stay tuned! In day
five of our mini-series - Medicare "The
Inside Scoop", I'm going to share with you...
"Why Now Could Be the Best Time to Enroll
In Medicare."
Today I'm going to share with you..."Why
Now Could Be the Best Time to Enroll In
Medicare." Remember to visit us at
Medicare Plan discounts dot com and to
subscribe to our YouTube channel in the
lower right corner. Also, feel free to
LIKE, COMMENT, or SHARE...if you receive
value from this video. So, let's get
started. Why now could be the right time
to enroll in Medicare. Knowing when to
enroll in Medicare is critical! And
enrolling at the right time could save
you hundreds of dollars each year. So,
what is the right time to enroll in
Medicare? Great question. Generally, most
people enroll in Medicare Part A and
Part B when they first turn 65. Your
effective date is the first day of the
month you turn 65...this is known as your
initial enrollment period. Medicare
allows you to apply for A and B, three
months before..the month of..and three
months after your 65th birthday.
So, what if I'm covered under a group health plan?
Another great question! If you have
coverage through an employer group plan
chances are you can delay enrollment to
Medicare Part B. Under the guidelines of
Medicare you must have credible coverage
to delay enrollment to Medicare Part B
without incurring a penalty. Now, late
enrollment to Medicare Part B can cost
you up to 10 % of each full 12
month period that you could have had
Part B, but didn't sign up for it. And,
that penalty stays with you for the rest
of your life on Medicare. So, it's very
important that you enroll at the right
time. So, how do i enroll in Medicare? It's
easy! There are three ways you can enroll.
The first is, by going right down to your
Social Security office and making
an appointment and meeting
face-to-face with a Social Security
expert. The second is to call 1 800
633 4227. You'll actually
speak to a live person and enroll over
the phone. The third way to enroll is
actually online at ssa.gov. Now, if you're
going to delay enrolling in Medicare
Part B, we strongly recommend
that you contact the Social Security
office, whether it be by phone or in
person to make sure you don't miss your
enrollment period. It's better to be safe
than sorry and not be hit with the
penalty. So, enrolling in Part D your
prescription drug plan is also critical.
A lot of times people think, "Well, I'm not
taking medication right now...so I'll
delay enrolling in Part D." Well, the same
guidelines that apply for B really
apply for D. You actually have to enroll
in prescription drug coverage or Part D
when you first become eligible. Now, if
you don't enroll when you become
eligible you will be subject to the same
penalties, on top of what you're paying
for part B, if you've incurred that
penalty as well. For more information,
please just check out our Part D
prescription drug plan video. So, Medicare
also has what's known as an annual
enrollment period. If you're enrolled in
a Medicare Advantage plan or Medicare
Part C you can change your plan annually
during Medicare's annual enrollment
period which is October 15th through
December 7th of every year and the
effective date of your change would be
January 1 of the following year. You
can also change your prescription drug
plan during the open enrollment period.
It's really a good idea to do this every
year or just check and see if the plans
have changed so that you're not stuck in
a plan with the wrong pharmacies...the
wrong coverage levels...doctors not in
coverage...and so forth. So, during the
annual open enrollment period you want
to take a look at the different plans
that are available to you. So, Medicare
also has what's known as a "Special
Enrollment Period." If you're coming off
on employers group health plan or you
losing some type of credible health
coverage, this is known as a qualifying
event and allows you to sign up for B
and D Medicare Part B and D without
penalty. Now, you shouldn't have to pay a
late enrollment penalty if you enroll in
Medicare during the "Special Enrollment
Period." Medigap...now Medigap also has an
enrollment period and that it's
different from Medicare, Medicare
Advantage, and your
Prescription drug plans. Medigap plans...you
can enroll in them at any time but you may
have to answer some medical questions if
you don't enroll during the Medigap open
enrollment period which is six months
before and six months after your 65th
birthday or when you're coming off of a
qualified group plan. During your medigap
open enrollment period insurance
companies cannot deny you coverage for
any plan they offer based on your health.
So, you want to make sure you're enrolling
at the right time. If you don't enroll
during the Medigap open enrollment
period you may be subject to the medical
underwriting and you may pay a higher
premium based on your health. So, now
might actually be the right time to
enroll in Medicare. In addition to your
local Social Security office, we
really recommend working with licensed
insured professional to ensure that you
get the enrollment periods right. You
know, a license and insured professional
won't cost you extra money and they'll
actually help guide you through the
process. So, what's next? Stay tuned for
our next video three simple steps to
getting started in Medicare. Have
questions about yourself personally? Give
us a call at 844 280 0785.
Or you can visit our website at Medicare
Plan Discounts dot com.
We've covered some great information today that will allow
you to take one more step forward in
understanding Medicare. I look forward to
seeing you tomorrow on video number six
in our series - Medicare "The Inside Scoop."
Where you'll learn, "3 Simple Steps to
Getting Started with Medicare." Remember
to subscribe to our YouTube channel and
just visit us at Medicare Plan Discounts
com. Also, feel free to LIKE, COMMENT and
SHARE this video with family and friends
that could receive value.
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