What Happens When You Turn 65 If Already On Medicare

Understanding Medicare When You Turn 65

Turning 65 is a significant milestone, especially when it comes to your healthcare. If you are already on Medicare, you might wonder what changes, if any, you should expect. At Overton Agency in Conway, Arkansas, we are here to walk you through what happens when you turn 65 if already on Medicare. Call us at 501-881-2050 for personalized assistance.

Medicare When I Turn 65: Key Changes and Considerations

When you turn 65, your Medicare coverage may undergo some changes. Understanding these changes can help you make informed decisions about your health insurance. Here are some key points to consider:

If you are already receiving Social Security benefits, you may be automatically enrolled in Medicare Parts A and B.
If you are still working and have health insurance through your employer, you might choose to delay enrolling in Medicare Part B.
If you did not sign up for Medicare Part B during your initial enrollment period, you might face a penalty for late enrollment.

How to Sign Up for Medicare Part A and Part B

If you are not automatically enrolled in Medicare Parts A and B, you will need to sign up. Here’s how you can do it:

Visit the Social Security Administration website or call them to apply for Medicare.
You can also visit your local Social Security office for assistance.
If you are receiving Railroad Retirement Board benefits, contact the Railroad Retirement Board for enrollment.
You can visit Overton Insurance Agency

Initial Enrollment Period for Medicare

It’s crucial to understand your initial enrollment period to avoid any penalties. Your initial enrollment period starts three months before you turn 65, includes the month you turn 65, and ends three months after you turn 65. During this time, you should:

Enroll in Medicare Part A and Part B if you are not automatically enrolled.
Consider enrolling in a Medicare Advantage Plan or Medicare Supplement Insurance to enhance your Medicare coverage.
Evaluate your need for prescription drug coverage under Medicare Part D.

Late Enrollment Penalty and How to Avoid It

If you do not enroll in Medicare Part B during your initial enrollment period and do not have other qualifying health insurance, you may face a late enrollment penalty. To avoid this penalty:

Enroll in Medicare Part B when you first become eligible.
If you have employer-sponsored health insurance, ensure it meets Medicare’s requirements.
Sign up for Medicare during a special enrollment period if you lose your employer-sponsored coverage.

Medicare Advantage and Medicare Supplement Plans

When you turn 65, you have the option to join a Medicare Advantage Plan or purchase Medicare Supplement Insurance. These plans can provide additional benefits and help cover out-of-pocket costs. Here’s what you need to know:

Medicare Advantage Plans are offered by private insurance companies and provide all-in-one coverage, including Medicare Parts A and B, and often Part D.
Medicare Supplement Insurance, also known as Medigap, helps cover the gaps in Original Medicare, such as copayments, coinsurance, and deductibles.

Prescription Drug Coverage Under Medicare Part D

Prescription drug coverage is an essential part of your healthcare plan. If you do not have creditable drug coverage, you should enroll in a Medicare Part D plan to avoid a late enrollment penalty. Here’s how to sign up:

Choose a Medicare Prescription Drug Plan during your initial enrollment period.
Compare plans based on the medications you take and their costs.
Contact Overton Agency for help in selecting a plan that meets your needs.