Insurance Advisor, Lordship Insurance Services, California
Medicare Insurance covers American employees when they retire. It begins at age 65 and once you are 64 3/4 years old you can begin the process of enrolling. Medicare comes in two parts; Part A covers medical insurance and Part B covers doctor charges. In addition you can have Part D for prescriptions.
You enroll in Medicare when you decide to retire and/or if your employer tells you they will not cover you on their group plan after age 65. When you turn 65 you automatically get Part A. If you will remain on a company group plan then it's best to postpone Part B until you decide to retire. If your benefits department tells you they do not offer benefits once you turn 65 then you would get both Medicare Part A & B. You should also look into a Medicare Supplement Plan at the same time because Part A & B only will cover about 80%. You can start reviewing your options 6 months out so you will have plenty of time to make a decision.
Medicare along with a Medicare Supplement Plan is actually great insurance. Most people find that the benefits are equal to or greater than what you had with your company group plan. If you pay for your group benefits or are on an individual/family policy you may even save money when you go onto Medicare with a supplement.
Enrolled Agent-licensed to practice before the IRS, Samuel N Smith, EA, South Carolina
You can enroll in Medicare 3 months prior to your 65th birthday and the month of birthday plus 3 months after your 65th birthday. This is referred to as your "initial enrollment" and a company cannot ask you any health questions and they cannot turn you down or rate your policy because of any health issues. It is important for all individuals to be mindful if your budget can stand the expense of a medicare supplement plus a prescription drug plan then you may be well advised to not enroll in a Medicare Advantage Plan because if you do and then you want to come back to original medicare for you to obtain at medicare supplement policy you will be subject to underwriting and if you have conditions that are unacceptable then you will not be able to get a medicare supplement policy. Also I hope everyone is aware that if you fail to enroll in a Part D plan there is a penalty for late enrollment
.JPG){kind=avatar}
Medicare along with a Medicare Supplement Plan is actually great insurance. Most people find that the benefits are equal to or greater than what you had with your company group plan. If you pay for your group benefits or are on an individual/family policy you may even save money when you go onto Medicare with a supplement.