Do you know how you’ll pay for healthcare when you retire? Most people take advantage of Original Medicare, the federal government’s health care plan for seniors when they turn 65. However, some people choose Medicare Advantage for a wider range of options. Here are essential details to think about for your Medicare coverage in NV.
Sign up for Medicare as early as three months before you turn 65
Even though people become eligible for Medicare when they turn 65, it’s advantageous to sign up for the plan three months before your 65th birthday. This period marks the beginning of what is known as the 7-month Initial Enrollment Period (IEP). Signing up early during IEP helps ensure you’ll start receiving benefits as soon as you turn 65.
Find out if you will be automatically enrolled in Medicare
Some people are automatically enrolled in Medicare benefits, such as individuals who currently receive Social Security or Railroad Retirement Board benefits. If you’re in this group, you’ll automatically be enrolled in Original Medicare Parts A & B, and you’ll receive your Medicare card in the mail. You can then decide if you want Part D or a Medicare Advantage plan.
Consider delaying Medicare Part B
If you already carry creditable coverage through an employer, you might consider signing up for Medicare Part B at a later date. Some people continue working past 65 and rely on their employer’s health plan. You should first consult with a Medicare expert before deciding to wait on Part B and learn about the Special Enrollment Period.
Go for a Medicare Plan that provides the benefits you need
While Medicare Part A covers hospital visits, Part B covers medical treatment. Once you’ve enrolled in both plans, you need to determine if you need more coverage. Part D covers prescription drugs, and Medicare Advantage may help with dental, vision, and hearing benefits.
Add additional coverage to government-sponsored Original Medicare
Seniors who choose Original Medicare may add further coverage, such as Part D, through a private insurance agency.
Enroll early to avoid late enrollment penalties
Enrolling after your IEP window closes can raise your premiums for Parts A, B, and D. You’ll pay 1 percent more for Part D for every month you delay signing up for Medicare. Furthermore, you can pay up to 10 percent more for Parts A and B each year you delay enrollment.
Evaluate your coverage every year
Every year, you have the option to adjust your Medicare plan. The enrollment period lasts from October 15 through December 7. It’s up to you if you want to join, switch or drop a plan for Medicare Advantage or prescription drugs. It helps to talk with a Medicare expert for advice on making policy changes.