2024 Medicare Enrollment is Happening Now
If you are 65 or older, Congratulations!
You are officially eligible for Medicare Insurance and it’s time to file and enroll so you can reap the benefits of this well earned Medicare Insurance coverage.
Key Takeaways:
Medicare A is free when you turn 65, it covers in-patient stays.
You have 7 months to sign up for Medicare A, with enrollment available three months prior to your birth month and extending three months after your birth month.
Coverage begins the month after your initial sign up for Medicare A.
Medicare B and Medicare D require separate payments via your Social Security or your personal bank account and they have special enrollment periods (listed below).
Medicare B covers outpatient hospital and physician services.
Medicare D covers pharmaceutical plans.
Enrollment Choices
Part A covers inpatient hospital stays, Hospice and temporary Nursing home stays for rehab care, post-surgery, or medical conditions is free and can be selected independently from any other options.
Part B is for outpatient needs and Part D is for pharmacy prescription drugs. Part B & Part D can be selected and included at an additional cost. Adding these selections are not mandatory, if you are covered under another insurance policy for outpatient services and prescription drugs. However, Part D Pharmacy Prescription Drug coverage is mandatory if you do not have another insurance policy that covers your prescription drugs.
Be aware: If you do not have coverage and are receiving prescription drugs, and don’t signup for a Part D plan you will be penalized by Medicare for the time of non-coverage. The penalty will be added to your Part D monthly payment.
Part B is not mandatory, but often worth the cost if you choose to stay with a traditional Part A plan.
What about Medicare C? Medicare C is an Advantage Plan which we’ve included details about HERE.
Enrollment Periods & Coverage:
Initial Enrollment:
When you turn 65, you have 7 months to sign up for Medicare A, beginning 3 month prior to your birth month, including your birth month, and extending three months after your birth month.
Medicare A is free to individuals 65+ and inpatient stays.
Medicare coverage from general enrollment will become active a month after you sign up.
If you do not have coverage from another type of insurance (i.e. work or spouse) you need to sign up for parts B and C at the same time you sign up for part A.
Medicare enrollment occurs between October 15th - December 7, but all options are available to review starting October 1.
It’s important that you sign up to get coverage or maintain your coverage in order to avoid any penalties. If you are concerned you’ll be locked into the wrong plan for a year and afraid to commit, you do have the option to make changes to your plan at the beginning of 2024 between Jan-Mar as long as you are enrolled in a Medicare Advantage Plan. If you are enrolled in a Medicare Advantage Plan between January 1-March 31, you have the option to change plans during this short time period. You can also switch from Advantage to Straight Part AB and add a D program at this time. Changes take effect the 1st day of the month after the plan change request.
If you wait to sign up for Medicare and go past the 8-month window after losing coverage, you will have to wait until general enrollment reopens to sign up and possibly incur a late enrollment financial penalty.
Special Enrollment Period
If you or your spouse has full medical coverage through work or a marketplace plan, you can wait until a later period to enroll for Medicare.
You have 8 months to sign up after your medical coverage ends even if you choose COBRA insurance
Volunteers serving in a foreign country can also elect to wait to enroll for Medicare. They will have 8 months to sign up upon return to the United States.
If you go past the 8-month window, after losing coverage, before you sign up for Medicare, you will have to wait until general enrollment and possibly have a late enrollment penalty to pay.
