Original Medicare
Eligibility
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65 years old or on permanent disability
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US Citizen
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Has obtained 40 work credits (worked and paid taxes for 10 years)
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OR has a spouse who has met the above requirement
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Part A - Hospital
Part A covers 80% of the cost of inpatient care and hospital stays. Upon meeting the eligibility you should expect to receive coverage automatically. You will receive your Medicare card in the mail, as shown above, which verifies your status. Don't know the status or haven't received the card? Contact us here.
(If you would like to know how to get the other 20% covered check Medicare Options)
Enrollment Periods
Initial Enrollment Period (IEP):
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This is the first enrollment period you will encounter
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Begins 3 months before your 65th birthday and ends 3 months after (7 months total)
Annual Enrollment Period (AEP):
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Applies to anyone who already has Medicare
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Occurs between Nov. 1 to Dec. 15.
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This is when you'd have the most freedom to make plan changes.
Open Enrollment Period (OEP):
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Applies to anyone who already has Medicare
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Occurs between Jan. 15 to March 31
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Allows you to switch plans but the change must be within the same plan type
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You can only make one change
There are other enrollment periods but they are only applicable under specific circumstances. To see if you apply for these enrollment periods you can contact us here.
Part B - Medical
Part B covers 80% of the costs of doctor visits and outpatient care. To receive coverage there is a $148.50 monthly fee which can be verified by checking your Medicare card. You could be facing penalties if you neglect to receive this coverage. Don't know if you have Part B or know how to get it? Contact us here.
(If you would like to know how to get the other 20% covered check Medicare Options)
Penalties
Part B Penalty:
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The deadline for signing up to Medicare Part B is the end of IEP (3 months after your 65th birthday)
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If you are still working after your 65th birthday, the deadline for Part B is moved to when your creditable work coverage is terminated
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There is a 10% late enrollment period for every 12 months that one goes without Part B coverage.
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To ensure you avoid this penalty click here.
Part D Penalty:
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The deadline for signing up to Medicare Part B is the end of IEP (3 months after your 65th birthday)
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If you are still working after your 65th birthday, the deadline for Part D is moved to when your creditable work coverage is terminated
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There is a 1% late enrollment period every month that one goes without Part D coverage
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For more information about Part D coverage and how to avoid penalties click here.