Have you decided to continue working after your 65th birthday? If your answer is yes this information will be helpful.
You have a major decision to make in regards to your health insurance. Planning ahead is very important. It is best to start this process three months prior to your 65th birthday.
Contact Medicare at 1-800-633-4227 to verify you will be receiving your Medicare card in the mail. Also ask what your monthly premium will be for your Medicare Part B. Normally the Medicare card will arrive about three months prior to you turning age 65.
You will need to review the benefits offered in your current health insurance plan. The key points are the deductible and the maximum out of pocket. Also look at your pay-stub and see how much you are paying for this insurance plan per month. Check with your benefits department and ask if you can continue your current plan after age 65.
Are you covering your spouse on your current health insurance plan? If your spouse is younger and has pre-existing health problems you may need to continue with the group health insurance. Check with your benefits department to see if COBRA might be offered to your spouse. If you decide to accept the Medicare you will not be able to cover your spouse on your plan. There are also individual plans available for the under age 65 person. This can get complicated so please do not cancel the spouse until other coverage is secured.
If you decide to accept the Medicare there is more work to be done. You will need to enroll into a Medicare Part D plan for your prescriptions. You will also need to enroll into a Medicare Supplement Plan of your choice. Or you might decide to take the option of a Medicare Advantage Plan.
Yes, there is a lot to decide. Don't make any decision unless you are completely sure it is the right one. To further complicate things the choice you make may be locked in for a year. There are certain dates established by Medicare for Annual Enrollment and disenrollment.
You may contact me to schedule an appointment. The appointment can be at your home or place of business. There is no charge for you to use my services. I work for commissions paid from the insurance companies when I write one of their products. I will help you compare some of the options that are available to you. cmodesitt@tampabay.rr.com www.cindymodesitt.com 727-804-3027 / 727-548-9326