By Christopher Shyide
If you were born in 1955, Dwight D. Eisenhower was President, The $64,000 Question premiered on TV and in 2020 you will be turning 65 to become eligible for Medicare. Here are a few things you should know when it comes to Medicare.
- There is a 7 month window for you to enroll in Medicare Part A and Part B.
- 3 months before you turn 65.
- The month you turn 65.
- And 3 months after
*If your birthday is 08/05/1951 you can sign up starting May 1st and no later than November 30th.
- You do not have to sign up right now.
- Many people get Part A without any premium if they or a spouse worked and paid taxes.
- Part B has a premium, if you have access to insurance from an employer or union you may be able to delay getting your Medicare. Speak with a human resources or benefits manager to find out.
- You have two basic options once on Medicare.
- Option 1: you can get Original Medicare (Part A and Part B) with a stand-alone drug plan (also called Part D) and a Medigap plan.
- Option 2: you can get a Medicare Advantage plan (also called part C).
- Original Medicare is run by the government and advantage plans are run by private companies that are contracted with the government to offer you coverage.
- Advantage plans have to provide the same benefits of original Medicare and may include other benefits like Part D, Dental, Vision and Hearing.
- Be aware of the gaps.
- Original Medicare does not cover everything. Generally it covers 80% of your Part B medical costs and does not cover prescription drugs.
- If you want drug coverage you may want to consider purchasing a Part D Plan. Some people purchase Medigap plans to help them with the 20% they are responsible for.
- Additional coverage may not be needed or available with an advantage plan.
- Extra Help.
- Many people are eligible for extra help with their Medicare cost and don’t even know it.
- Extra help can help lower your medical and prescription costs.
- To see if you are eligible contact your local Social Security office or call 1-800-772-1213. You can also go online at https://www.ssa.gov/
If you have more questions please do not hesitate to contact AMAC. We have trained dedicated agents who can assist you. Just call 1-800-334-9330.