How and When to enroll in Medicare Part A and Part B
Medicare and You
Answers to the ‘When to enroll in Medicare Part A and Part B’ question are available by downloading the document found here. This document is published by the US Government and is updated annually.
Please take the time to read this book.
If you do this now, you will separate yourself from your peers by having a solid understanding of Medicare.
Call us if you have questions about this document. We have been helping Idaho residents for over 10 years solidify their understanding of this important information.
Notice Medigap (page 75), Medicare Advantage (page 61) and prescription drug plans (page 79) have rules you need to be aware of/understand.
What happens if I miss my enrollment period?
You may be liable for a lifetime of late enrollment penalties when you decide to enroll.
Learn about late enrollment penalties for Part A, Part B, and Part D here.
We suggest you start to learn about enrollment periods and Medicare at least 6 months before you plan to enroll in Medicare. Why? Because the rules for Medicare are different from your pre-Medicare insurance and if you miss key enrollment dates you may have to wait for your next Medicare specified enrollment period. This could mean you are without health and prescription drug coverage.
If you miss your initial enrollment period
You can still apply for Medicare Part A and/or Part B during the Medicare General Enrollment Period (between January 1–March 31) if both of these conditions apply:
- You didn’t sign up when you were first eligible.
- You aren’t eligible for a Special Enrollment Period.
Your coverage will start July 1.
If you didn’t sign up for Part A and/or B and recognize your error in March, you can be insured in July if you complete enrollment by March 31. If you figure it out in April (or later), you can’t enroll until the following January and coverage wouldn’t begin until July of the following year.
That could mean a coverage gap of well over a year, depending on when you discover the problem.
How to enroll in Medicare Part A and B
Use the resource found here.
Social Security Administration is responsible for enrolling people in Medicare (and providing the means to get a replacement card).
Depending on the time of year and the volume of people applying for Medicare it may take a few days to a few weeks for them to complete the enrollment process and get you your Medicare card.
The key piece of information you need on your Medicare card is your Medicare Beneficiary Identifier (MBI). This is a 11 character string of alpha/numeric characters which identifies you in the Medicare system.
When Medicare has finished processing your application, you will receive an ‘Entitlement Letter’ with your Medicare information. This letter may arrive before your Medicare card does.
If you need your MBI before either your card or entitlement letter arrives, you can access/print a copy of your entitlement letter by signing on to your account at socsec.gov and looking for the hotlink ‘Entitlement Letter‘. Click on this to view your letter as it will have your MBI and start dates for Part A and B (if you are enrolled in Part B).
What are my options for paying the Part A (if necessary) and Part B premiums?
You have options which range from having the premium come out of your Social Security check (if you are drawing Social Security) to pay by check or money order. Learn more here.
If I just stay with Original Medicare (Part A and B) what should I be aware of.
Be aware there is no ‘cap’ on your share of the cost for the Medicare covered services you use. Check out your share of the cost by reading this document.
This means as you use Part A/B services, the left over costs you are responsible for can easily add up to significant financial outlays and can deplete retirement savings. Be aware the 20% coinsurance you will have Part B covered medications (learn more here) can add up to asignificant figure.
Also, all of the doctors/hospitals/other providers that ‘accept Medicare insurance in the US are available to you. There are very few ‘prior authorizations’ to be concerned with.
If you are not concerned about this point right now, we encourage you to read ‘The Rising Costs of Living Longer’. This document is available for download here. The data behind this report comes from 10+ years of Medicare claims data and it clearly points out how much it costs for medical care as we age.
There are options available for you address this financial exposure. This starts with understanding the differences between Medicare Advantage plans (Part C) and Medigap plans. Learn more about these plan type differences and other important enrollment rules here.
You can learn further details about Medicare Advantage plans in Idaho here, Medigap plans and carrier differences here, and Idaho Medicare prescription drug plans here.
Call us if you have questions about this material.
If you want help understanding your options for Medicare Advantage, Medigap or Prescription Drug plans AFTER you are enrolled in Part A and B, call us.
If you are a resident of Idaho and would like help understanding the differences between your Medicare Advantage, Medigap, and prescription drug plan choices, call us. We:
click here to learn which Medicare Advantage and prescription drug plans we are licensed with;
will help you understand the differences between your plan choices, answer your questions, and help you enroll in the plan you feel is right for you;
we also check back with you annually to help you evaluate the often changing details of your current plan and compare it to next year’s choices. We will help you change plans if you feel this is the right move for you.
Our goal is to make sure you are aware of this changing environment and assist you in matching your needs to the plan(s) available to you. You make any decisions to update your coverage when you feel it is the right thing to do.
Call us. We are here to help.
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