5 Things Nobody Told you about Medicare

When you become eligible for Medicare, there’s a lot to learn in a short amount of time. Moreover, there’s many things that no one tells you, like when you can apply for Medicare or how much it costs. But don’t worry, AMAC’s Medicare Advisory Service is here to help you on your Medicare journey!

Below are 5 pieces of information you should know before you begin Medicare:

1. Not everyone begins Medicare at age 65.

Typically, you can apply for Medicare during your Initial Election Period (IEP) which begins three months before your 65^th birthday, includes your birthday month, and ends three months afterwards, giving you a total of 7 months to apply. However, some people may start Medicare sooner if they qualify due to disability or ERSD (End-Stage Renal Disease). And some people may choose to delay their Medicare if they have creditable coverage elsewhere, such as an employer group health plan.

2. Late enrollment penalties can be lifelong.

If you choose to delay Medicare enrollment, or experience a gap in coverage, you may be subject to a Late Enrollment Penalty (LEP). Part A, Part B, and Part D all have different late enrollment penalties for those who sign up late. Be sure to consult a licensed insurance agent before you delay coverage to ensure you don’t wind up with lifelong penalties.

3. You must pay for Medicare.

There is the misconception that because you paid Medicare taxes while working, once you retire you will not have to pay Medicare premiums- unfortunately, this is false. Medicare Part A is premium-free for most people, but if you do not have enough work credits, there is a monthly fee for it. Medicare Part B has a standard monthly fee, but if your income is above a certain threshold, you may have to pay more. You may also have to pay more for your Part D if your income is above a certain threshold.

4. Medicare is individual coverage.

Unlike Marketplace and Employer coverage, there are no family plans once you’re on Medicare. Therefore, you and your spouse must have separate policies and pay separately for premiums. You also do not have to have the same insurance plan as your spouse, but you can if it works for you.

5. There are many things that Medicare does NOT cover.

Original Medicare does not cover prescription drugs, routine dental, vision, hearing, or long-term care. Medicare was never intended to cover everything, so you do have the option to add additional coverage such as a Prescription Drug Plan (Part D), Medicare Advantage plan (Part C), or a Medicare Supplement plan (aka Medigap). However, it is important to review your plan options carefully before making a change.

At AMAC’s Medicare Advisory Service, we provide you with the information you need to make the best decision for you. Our knowledgeable agents are collectively licensed in all 50 states and can help you wade through your options. Our personal touch coupled with our industry knowledge brings you the high quality service you deserve!

Give us a call today at 855-611-4856 to learn more about how we can help you!

So, did anyone tell you these fun facts, or did you have to learn on your own? Also, which pieces of information would you add to this list for Medicare newbies?

Leave your thoughts here!