What Happens When you Turn 65 and Need Health Insurance

As soon as you are eligible for Medicare, the commencement of the seven month Initial Enrollment Period begins, during which you can sign up for Part A and/or Part B. This means that if you are eligible for Medicare when you turn 65, you can register yourself for the seven month period Initial Enrollment Period. This specific period starts from the month in which you turn 65 and ends three months after you have turned 65.

The option to sign up for General Enrollment Period between the first day of January to the last day of March exists for all those who could not sign up for Part A and/or Part B (which require premiums). The coverage for all such applicants will start on July 1. For this, the applicant will be required to pay a higher premium for late enrollment in Part A. In order to sign up for Part B, the applicant must complete an application for enrollment in Part B (CMS-40B).

Special Enrollment Periods

As soon as the Initial Enrollment Period has ended, the applicant has a chance to sign up for Medicare. This can be done in the Special Enrollment Period. If the applicant is covered under a group health plan depending on current employment, the applicant is entitled to sign up for a Special Enrollment Period to register for Part A and/or Part B as long as the applicant or spouse or a family member are working and the group health plan is provided for, by that work.

The applicant also has an eight month Special Enrollment Period in order to sign up for Part A and/or Part B. This Special Enrolment Period starts from the month that the employment of the applicant ends or the group health plan ends, whichever of the two happens first. Usually, there is no need to pay a late enrollment fee in case of signing up during the Special Enrollment Period.

It is important to take into consideration that COBRA and retiree health plans are not considered as coverage based on the applicant’s current employment. The applicant, therefore, is not eligible for a Special Enrollment Period after that coverage has ended. The same is the case with people having End-Stage Renal Disease (ESRD).

The applicant is eligible for the Special Enrollment Period for Part A and Part B if the applicant is a volunteer serving in a foreign country.

The following is the overview of all that you need to know about Medicare:

  • Contact Social Security before your 65th
  • Early retirees having Social Security or Railroad Retirement benefits are automatically enrolled in Medicare.
  • Medical screenings, supplies and procedures are covered by Medicare.
  • Medicare covers health insurance for people who are physically present inside U.S. (Only in rare cases does Part A provide for coverage of a U.S. citizen in a foreign country near to a U.S. facility)
  • Part B premium is deducted automatically from the monthly check if the applicant is receiving Social Security benefits.

For more information, call us now at (800) 648-3870.

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The Jordan Insurance Agency is a local & independent, multiple-line insurance agent in Charlotte that is focused on providing the best value for our client’s insurance needs. As expert insurance advisors, we are dedicated to thoroughly evaluating your risks and insurance needs, providing the best coverage plans that help protect your financial future.
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