Congratulations, you’re turning 65! Or maybe you’re retiring! Or maybe you’re moving! These are all milestones which should be celebrated – not approached with anxiety because it means you have to figure out Medicare. The good news is you are not alone; there are broker agents like me in the community and we are here to help you navigate this journey.
On every birthday, I congratulate myself for making it to [insert age here] because, I remind myself, not everyone makes it to that age. Turning 65 should be celebrated and to make it feel festive we have fun talking about Medicare and teaching folks about what it covers. We educate folks on the costs, such as monthly premiums, copayments, coinsurances, deductibles – all of the words that otherwise make your head spin when reading through the Medicare & You Handbook on your 65th birthday.
Here are some common concerns that come up with my 65-year-old clients:
How Do I Avoid a Late Enrollment Penalty?
This is the most question I get. People are ready to sign up today because if they don’t, they will be hit with a penalty. Well, I am here to tell you that in certain situations you may not have to sign up right away and won’t get hit with a penalty. Don’t let the late enrollment penalty specter keep you up at night. Together we can assess your individual situation to see if you are in a special circumstance that allows you to delay your enrollment.
What Do You Mean I Have to Pay for Medicare?
This is the second most common area of confusion. Many people think Medicare is an entitlement, and aren’t entitlements free? And if they aren’t, if I make more money, will I have to pay more? For most people Medicare Part A is premium-free, but for everyone Medicare Part B has some sort of premium attached and yes, depending on your income, it could be higher or lower than that of your neighbor, your family member or your cousin in Georgia. There are a variety of programs available to help with Medicare costs, all of which you can apply to for free. Some are based on income and assets; others only look at income and do not count your assets. There are also strategies to explore for the folks with higher incomes who end up paying an Income-Related Monthly Adjustment Amount or IRMAA.
What if I Move Once I Am Signed Up for Medicare?
It’s important to learn about how the sale of your home could later affect the cost of your Medicare. You will also want to explore plans in your new zip code, because chances are you will need to change plans when you move. Keeping your home but traveling for part of the year? You will want to know how your coverage works in the event of an emergency or if you are gone for more than six months out of the year. (If you’re going somewhere warm in the winter, I may just need to come visit you.)
Forget all of the pitfalls and anxiety-inducing Medicare myths you’ve heard. See for yourself how working with a broker agent can make the process of joining Medicare smooth, enjoyable and maybe even fun!
Disclaimer: I do not work for and I am not affiliated with Medicare.
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