Medicare - Long Term Healthcare -Personal Benefits - Retirement Planning (Fishers, Indiana)

Return Home >> Turning 65? Here's what you need to know to get your Medicare benefits started


Turning 65? Here's what you need to know to get your Medicare benefits started

Generally, people are eligible for Medicare if they are 65 years old and they or a spouse worked for at least ten years in Medicare-covered employment. Original Medicare consists of Part A (Hospital Insurance, financed through Social Security taxes) and Part B (Medical Insurance, financed by payments from the federal government and monthly premiums paid by enrollees through Social Security or direct payments.)

Part A benefits for hospitalization are received under Original Medicare after meeting an annual deductible. Part B benefits require a 20% co-payment, and out-of-pocket expenditures are not capped and may be adjusted annually. Furthermore, under Original Medicare, the only coverage for long-term care is a limited period in a skilled nursing facility following hospitalization.

When you turn 65, you have the unique opportunity to enroll in any of the Medicare Supplement or Advantage programs without needing underwriting approval. Coverage begins on the first day of the month of your 65th birthday. If you are already receiving Social Security, your Medicare membership will be sent directly to you and the monthly Part B premium will automatically be deducted from your check beginning then. If you are still working, Medicare is an option. If you wish to begin receiving your Medicare benefit now, you must request it from Social Security and arrange to pay the monthly Part B premium yourself.

You have the opportunity to choose a Medicare Supplement or Medicare Advantage program up to three months before and after the month of your birthday. Your Prescription Drug Plan is also available to begin then as well. Depending upon whether you select a Supplement or Advantage or neither, your program may be part of your benefit or provided separately. And at the end of each year, you have the opportunity to make the changes described in the "Already 65?" section.

Click here for more information




[Home Page] [Sitemap] [Information & Videos] [Upcoming Seminars] [Office Location & Map] [About Jay Cox] [Contact Jay] [Turning 65?] [Already 65?] [Medicare Supplement] [Medicare Advantage] [Medicaid Planning] [Prescription Drug Plan] [Long-Term Health Care] [Recovery Care]
[Critical Illness Coverage] [Final Expense Planning] [Dental / Vision / Hearing] [Roth IRA Conversions] [Guaranteed Lifetime Tax-Free Income]
[Bonus: College Scholarships for Your Grandchildren]
Jay Cox is a specialist in senior's healthcare planning: Medicare Supplement and Advantage programs; Prescription Drug Plans; Long-Term Health Care; Critical Illness Coverage (Cancer/Heart Attack/Stroke); Final Expense Planning; Dental Insurance; Hospital Reimbursement; Roth IRA conversions; and, Guaranteed Lifetime Income. Service area is Central Indiana- to include Indianapolis, Carmel, Westfield, Fishers, Noblesville, Cicero, Castleton, Geist, Fortville, Oaklandon, McCordsville and Greenfield. Tags: medicare, personal benefits, senior, senior healthcare, health care, retired, investment, financial planning, insurance, indianapolis, carmel, fishers, noblesville, cicero, castleton, geist, fortville, oaklandon, mccordsville, greenfield, hamilton county