medicare enrollment Archives

Biden Aims To Lower Medicare Eligibility Age To 60

Throughout the 2020 campaign and after his election, President Biden put forward many proposals related to healthcare, including one to lower the Medicare eligibility age from 65 to 60. If this were to happen, over 23 million more Americans would be able to enroll in Medicare. Avalere Health experts estimate that 59%, or 13.4 million, of the new beneficiaries would shift into Medicare after being previously covered by an employer-based plan. While hospitals are hoping that this proposal doesn’t become a reality, lowering the eligibility age does have advantages for many.

doctors in teal scrubs in a hospital operating room looking at a patient — *Hospitals are not happy that the Medicare age could be pushed to 60 years old.*

Hospitals Pushing Back

If the Medicare eligibility age were to be lowered to 60, hospitals could end up losing a lot of their revenue. The Kaiser Family Foundation has found that, on average, private insurers pay nearly double (199%) Medicare’s rates for hospital services. So if 23 million individuals suddenly switched from employer-based plans to Medicare, hospitals would need to find ways to make up for the loss.

Hospitals could be right to worry about Medicare’s ability to pay for so many new beneficiaries. Critics of the proposal say that the Hospital Insurance Trust Fund is in a deficit and will not have enough money by 2024 to pay hospitals and nursing homes in full for inpatient care.

Popularity With Older Adults

While hospitals are unhappy with the proposal, a survey conducted by GoHealth has found that more than 3,000 Americans aged 55 and older support the lowering of the Medicare eligibility age. According to the survey, approximately 64% of non-Medicare respondents and 49% of Medicare beneficiaries are in favor of the change. The main reason changing the Medicare eligibility age is so popular is that it would allow people to retire earlier. In addition, the change would bring relief to the 23% of older Americans who have lost their jobs due to the COVID-19 pandemic.

“Generally, working Americans and seniors 65 and over have affordable health insurance options, either in the form of their employer’s plan or Medicare, respectively,” Clint Jones, GoHealth co-founder and CEO told McKnight’s Business Daily. “However, there’s a gap for middle-aged people who are currently unemployed or choosing early retirement, and some lack reliability if their health insurance is through their spouse’s employer’s plan. Lowering the Medicare eligibility age would help fill the health insurance gaps for middle-aged Americans that need affordable, quality healthcare options.”

Advantages For Employers

Lowering the Medicare eligibility age could also be beneficial to employers. Employees who continued working after age 60 could switch to Medicare instead of staying on their employer’s plan. They would save money by switching to Medicare and pairing it with a Medicare Supplement Plan, and their employers would also see significant savings, since they would no longer have to contribute to these employees’ premium payments. It would be a win-win situation.

Reducing the Medicare eligibility age could mean great things for people who are working into their 60s, are older and unemployed, or who want to retire early, as well as for employers. The only downside is that, according to some projections, there may not be enough money to pay hospitals at the rates that they are used to. Over time we can assess the issue of funding for hospitals, but the majority of older adults approve of and are ready for this change.

Medicare Isn’t Mandatory, But There Is A Penalty

Medicare normally kicks in when you turn 65. You can enroll 3 months before you turn 65, the month you turn 65, and three months after the month you turn 65. While it is mandatory to enroll when you turn 65, you do have the option to opt out and push your enrollment into the program. However, when you do this, you are at risk of facing a penalty.

caucasian hand holding a bubble with a stethescope in it — *There are some ways to avoid the Medicare penatly, such as if you have employer’s health insurance.*

Having Coverage

If you are still employed, or have coverage, then you can opt out of signing up for Medicare. As long as your employer has 20 or more employees, then you can hold off on Medicare, and will not have to worry about the penalty. You can still sign up for Medicare Part A. It does not cost you anything and will cover hospital visits, and can act as a secondary insurance to your employer’s insurance.

Collecting Social Security

If you are collecting Social Security, then you will automatically be enrolled into Medicare Parts A and B. You have the option to cancel or opt out of Part B if you have coverage through an employer. However, if you opt out, then you will face a penalty. Medicare Part B covers doctors’ services, outpatient care, and medical equipment.

The Penalty

Opting out of Medicare Part B without a valid reason, such as being on an employer’s insurance, then you will pay a penalty fee. When you decide to finally sign up for Medicare Part B, then you will have to pay 10% to your monthly premiums. This penalty can remain as part of your monthly premiums for a long time.

Every full 12-month period (year) that you could’ve had Part B, but did not take it, you will pay a 10% penalty for as long as you have Part B. For example, if you opt out of signing up for Part B benefits for 2 years, then you will face a 20% penalty fee added onto your monthly Part B premiums forever. If you opt out for 4 years, then you will face a 40% penalty, as so forth.

caucasian hands holding open an empty wallet — *The Medicare penalty you will face is 10% for every year you opted out of Medicare.*

When You Are Safe From Penalties

If you miss your enrollment date, you have a General Enrollment Period, GEP, in which you can sign up if you missed signing up when you were eligible. It is a make-up time for Medicare enrollment and us January 1-March 31 every year. If fewer than 12 months have elapsed, then you will not pay a penalty fee. Other situations you can avoid the penalties are:

If you have Medicaid and Medicare. The state pays the Part B premiums.
If you qualify for assistance from your state in paying Medicare costs under a Medicare Savings Program.

It is not mandatory to sign up for Medicare when you turn 65, depending on your situation. If you do not sign up when you are supposed to, then you will be penalized, unless you have employer coverage or are in the aforementioned situations. It is best to go over your situation and make sure you are making the best decision. Talk to a Medicare agent beforehand so that you are aware of all of your options, and how you can avoid any extra fees.

EZ.Insure can help you with these kinds of situations. We offer specialized Medicare agents within your area that can go over all of your options and make sure you are in the best situation. If you would like to speak to an agent, call 888-753-7207 or email us at [email protected]. Or if you would like an instant quote, enter your zip code in the bar above. Our services are free, because our goal is to help you, and make sure you are taken care of.

When Can You Sign Up For Medicare Supplement

Medicare Supplement plans do not have annual enrollment periods, so it is important to know when to apply for one. The Medicare Supplement initial enrollment period is the time to sign up for a plan. It is important to utilize this period if you need help paying Part B costs, or if you have pre-existing conditions you need covered. During this time, you have guaranteed issue rights. This is your guarantee that companies will cover your pre-existing conditions without extra charge. What most people do not know is that you can also obtain guaranteed issue rights during a special enrollment period.

Must be 65 and already be enrolled in the original Medicare Parts A and B to qualify
Th best time to sign up for a Medicare Supplement plan is during the 7 month period of your 65th birthday. 3 months before your birth month, and the 3 months after.

Best time to enroll

The best time to enroll in a Medicare Supplement plan is during your Medicare Supplement Initial Enrollment period. This six-month period starts on first day of the month that you are both 65 or older and enrolled in Medicare Part B. Throughout this period, you can enroll in any Medicare Supplement plan offered in your service area with guaranteed issue. This means that insurance companies are not allowed to deny you or charge you more due to pre-existing conditions. If you have medical issues or disabilities, it’s especially important to take advantage of this period.

Special Enrollment Period

Guaranteed issue right means that companies must sell you a policy at the best available rate, regardless of your health status and cannot deny you coverage. If you miss your initial enrollment period, you can apply for a Medicare Supplement plan with guaranteed issue rights during a special enrollment period. The situations to be eligible for a special enrollment are:

Your Medicare Supplement insurance company goes bankrupt and you lose your coverage, or your Medicare Supplement policy coverage ends through no fault of your own.
You’re enrolled in Original Medicare and your employer coverage is ending.
You drop a Medicare Supplement policy or leave a Medicare Advantage Plan because the company did not follow the contractual obligations, commits fraud, or misled you.
You have Original Medicare and a Medicare SELECT plan and you move out of your plan’s service area.
You’re enrolled in a Medicare Advantage plan or PACE organization and move out of the plan’s service area, or your Medicare Advantage plan leaves the Medicare program.
You joined a Medicare Advantage plan, and within the first year of joining you want to switch to Original Medicare and Medicare Supplement.

You will run into problems if you try to buy a Medicare Supplement policy outside of your protected enrollment periods. Companies can refuse to sell you a policy, or will only let you buy one if you meet certain medical requirements. If an insurance company does agree to sell you a policy you will need to pay a higher monthly premium. You will also need to wait six months before the plan will cover pre-existing conditions.

A Medicare Supplement plan will help save you money. — *A Medicare Supplement plan will help save you money by offering more coverage than Original Medicare.*

What it covers:

All Medicare Supplement plans cover at least part of:

Your Medicare Part A and Part B deductibles
Skilled nursing facility costs after you run out of Medicare-covered days
Medicare Part A coinsurance and hospital costs (up to an additional 365 days after Medicare benefits are used)
Medicare Part B coinsurance or copayment
Part B excess charges
Part A hospice care coinsurance or copayment
Blood (first 3 pints)

Additional Information:

After January 1, 2006, Medicare Supplement plans are not allowed to include prescription drug coverage. If you would like prescription drug coverage, you can join a Medicare Prescription Part D plan.

The cost of your Medicare Supplement policy depends on the type of plan you buy, the insurance company, your location, and your age.

A standardized Medicare Supplement policy is guaranteed renewable even if you have health problems, as long as you pay your premiums on time.
People who have a Medicare Advantage plan cannot get a Medicare Supplement plan.
A Medicare Supplement policy only covers one person. If you and your spouse both want Medicare Supplement, then you must each purchase separate policies.
You can buy a Medicare Supplement policy from any insurance company that is licensed to sell one in your state.

Need help deciding if and when you can sign up for a Medicare Supplement plan? Here at EZ.Insure we are dedicated to helping you find the plan that is right for you. You will speak directly with one of our trained agents at any time by calling 888-753-7207, or emailing us at [email protected]. If you want to see quotes now you can put your zip in the bar above to get started. We will help you with any questions or concerns you have, free of charge!

Retirement & Medicare

A lot of times, people think that once they retire then they are eligible to start receiving Medicare benefits. But, that is not necessarily true. If you retire early there will be some consequences with your healthcare. Specifically, you will have to pay for it out of pocket.

Retirment is a time to enjoy no more work and not worry. If you do it right, Medicare will cover you. — *Retirment is a time to enjoy no more work and not worry. But if you retire early before Medicare age (65), you will have to pay for your own health insurance.*

Medicare Age

You can begin applying for Medicare coverage 3 months before you turn 65, the month you turn 65, and 3 months after. For example, if you turn 65 in January, you can enroll anytime from October through April. However, you can not sign up for Medicare any earlier than that.

If You Retire Early

Retiring before you turn 65 will leave you without health insurance. You are not able to acquire or sign up for Medicare, which will leave you looking for private health insurance. You will have to pay for it our of pocket until you are eligible for Medicare. Social security will kick in three years before Medicare eligibility. This means you can start receiving benefits at the age of 62, but it comes with some repercussion. There will be reduction in payments since you have not reached retirement age.

If You Retire Later

Unlike retiring early, if you retire later in the workforce, you will be able to get Medicare. It is always best to look into retirement at the age of 65 or later. You are eligible for a special enrollment period when you are still on a group health insurance plan provided by your employer. After you turn 65 or later and you decide to retire, you will be able to enroll into Medicare during the special enrollment period. You must enroll no later than 8 months after the group health plan or employment ends.

Penalties

It is important to know that when you turn 65, you are automatically enrolled in Medicare. If you do not enroll when you’re first ineligible, then you may face penalties. For Part A, you can end up paying 10% more on monthly premiums for twice as long as you waited to sign up. For example, if you delayed signing up by one year, then you will pay the penalty for 2 years. As for Part B, you will have a 10% penalty for each full 12-month period you could have enrolled but did not. For example, if you waited 3 years to enroll, then you will have to pay an additional 30% on your monthly premium.

If you have any questions while retiring or need any clarification, EZ.Insure can help. We provide you with your own trained agent within your region that can answer any questions. For a quote, you can enter your zip code in the bar above, or contact an agent by emailing re[email protected], or calling 855-220-1144. Our main mission is to inform you of plans and quotes, and help you sign up for free without hassle or jumping around from agent to agent. We make the process as easy as possible for you.

Planning Your Medicare Costs During Retirement

Many Americans are turning 65 every day, and can be overwhelmed with the retirement costs to come, especially when unprepared. It is important to plan for retirement and costs for Medicare. Most people underestimate the expenses during retirement. It is important to research medical costs and plan accordingly.

*As you get close to retirement, it is important to plan ahead for monthly Medicare costs. Medicare only covers 60% of costs, consider Medicare Supplement to cover the rest.*

Medicare only covers about 80 percent of costs, leaving retirees to pay the rest out of pocket. Over time, Medicare costs such as premiums will increase over time, so it is important to budget for this.

Find Out Medicare Costs and Additional Insurance

Depending on your preference, there are many possibilities for out-of-pocket expenses regarding your insurance. One of the main payments you will have are Medicare Part B monthly premiums and an annual Part B deductible. The annual deductible is roughly $183, and the monthly premium amount will depend on your income, which is on average $134 a month.

Medicare does not cover prescription drugs or dental and vision care, so if you would like extra coverage and relieve some of the financial burden, many people choose to buy a Medicare Supplemental Insurance or Medicare Advantage.

Long-term care insurance is also something you should consider, considering Medicare does not cover the majority of long-term care costs.

Figure Out Your Medicare Costs

It is important to account and budget for your medical costs within your retirement and social security funds.

*Monthly Medicare Part B Premiums for 2018. See how much your premiums will be.*

Medicare Part B premiums will depend mainly on your income.

There are 10 different kinds of Medicare supplement insurance plans to choose from. It is important to go over each plan, what they cover, and their costs to determine if it will fit within your budget. Plans F and G are typically the most popular because they offer the most coverage with an out of pocket limit. This means once you have reached the out of pocket limit, any other expenses will be covered by the company.

If you are looking into long-term care insurance, it can cost you nearly $100-$150 a month.

Taking all of these costs into consideration is important to determine your retirement costs, and have money left for other living expenses such as food, rent, etc.

Planning your budget during retirement can become very overwhelming. There are many different routes to choose when it comes to your medical needs. EZ.Insure can guide you in the right direction that meets your needs. We can help you estimate your budget and help you determine what you can afford with what you need. We can go over all the different kinds of Medicare Supplement Plans and Medicare Advantage Plans, and when you are ready, we can also help you through the process of signing up.

Enter your zip code in the bar above to get an instant quote. You can reach one of our knowledgeable agents within your region by calling 888-753-7207, or e-mailing [email protected]. Our agents will help you with any questions you have, and guide through the process step by step, all at no cost to you. No commitment, no bouncing from agent to agent, no hassle. We make it easy.

There Is NO Open Enrollment For Medicare Supplement Plans

Medicare Supplement Insurance Does Not Have a Deadline

Many senior citizens think that the Medicare Open Enrollment period is the only time they can purchase a Medicare Supplement plan. But, there is no deadline to purchase Medicare Supplemental Insurance. During the Medicare Open Enrollment Period, everyone is busy picking a plan that is best for them. Some retirees rush into a new plan without focusing on the coverage, and some may miss the period. Missing the period does not mean you miss the opportunity to change or purchase a plan. You can change or buy it year round.

In order to actually sign up for a Medicare Supplement Insurance Plan, you must be 65 and have Original Medicare. You are most eligible to be guaranteed issue rights when purchasing a plan six months from when you turn 65. Guaranteed issue is the protected right that an insurer cannot deny you or raise rates due to pre-existing conditions.

While there is no deadline to buy or change a Medicare Supplement Plan and anyone eligible is able to buy a plan any time of the year, it comes with a catch. Medicare Supplement Insurers do have the right to ask you questions regarding your health. They can then determine if they want to insure you, deny you, or raise your rates due to pre-existing conditions. This is possible because you will not have guaranteed issue rights.

Picking a Medicare Supplement Plan can be a long and tough process. There can be questions you have about the coverage, costs, and the different types of plans. EZ.Insure offers you a trained one on one agent to assist in figuring out the process, coverage, and sign you up. We compare all plans for you, and find the best prices. Enter your zip code in the bar above to receive quotes, or contact your own advisor by calling 855-220-1144, or e-mailing [email protected]. We promise to provide the best service with no obligations, it’s that easy!

Tag: medicare enrollment