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Your Medicare Questions Answered

Looking for information on Medicare health insurance? Your'e at the Right Place!

Medicare is seen as "very confusing" and "hard to understand" for people turning 65. There's Part A, Part B, Medicare Advantage, Medicare Supplement and Hospital Indemnity plans just to name a few items that would make most people's head spin.

Many find themselves asking themselves one of the below questions:

* How do I apply for Medicare, I'm turning 65

* I'm retiring, over 65 and will no longer be working, what is my next step for Medicare

* Why am I paying so much for Medicare when I'm healthy and don't hardly use it

Turning 65 is a big life event, as you will now have access to Medicare Insurance. You can enroll in a Medicare plan even if you aren’t collecting Social Security, and choose not to collect Social Security.

Medicare Part A is no cost to many Americans whom has accumulated 40 credits. If you work full time, 10 years you will have earned your 40 credits. Part B cost is $144.60 per month. If you are collecting Social Security it will be taken out automatically each month before you receive your check. If not, they will bill you once every three months for $433.80. Keep in mind this amount usually goes up once per year in January.

If you choose to work past 65, you have options:

Do nothing and keep your Employer coverage

Apply for Medicare Part A and keep your employer coverage

Apply for Medicare Part A & Part B and drop our group insurance

Purchasing a Medicare Advantage plan might be a less expensive option than your group coverage premium per month, so it’s worth talking to a Licensed Medicare Agent/Broker.

Medicare Brokers work for multiple Insurance Company’s where some agents only represent one Insurance Company. Make sure you have options.

Your first opportunity to sign up for Medicare is called your Initial Enrollment Period (IEP). It happens 3 months before, the month of, and three months after your birth month. It lasts a total of 7 months. It is in your best interest to sign up starting 3 months before your birth month, since it takes 30-60 days to receive your Medicare ID card in the mail and it’s best to have uninterrupted health insurance.

If you are on a Marketplace Individual or Family plan, you must cancel that plan (or cancel yourself off if on a family plan), and move onto Medicare when turning 65. If you remain on the Marketplace plan you may find you owe back money to the IRS for accepting a tax credit that is not due to you. Those whom are 65 are not entitled to a tax credit.

Please note: you may be enrolled in Medicare automatically if you are taking your Social Security benefits or Railroad Retirement benefits already. That being the case, you will receive your Medicare card in the mail a few months before your birthday and you can now look at adding the financial protection of a Medicare Advantage plan, Medicare Supplement plan or Hospital Indemnity plan.

KEEP IN MIND: Medicare Annual Enrollment is Oct 15th - Dec 7th, 2020

During this time period you may choose to purchase a Medicare Advantage plan, change to a new Medicare Supplement plan, or change RX Drug plans for those 65 and over.

If you have more questions please CLICK HERE to set up a time for video chat or phone call, then click on: Schedule a Call to the right of my photo.

I'd enjoy discussing:

§ When to apply for Medicare Part A & B

§ How to apply for Medicare Part A & B

§ What is a Medicare Advantage Plan

§ What is a Medicare Supplemental Plan

§ Is there a late penalty for not signing up for Part B

§ Should I stay on my Group plan or move to Medicare


Kyla Beamon

Licensed Agent 8615685

Oregon & Washington


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