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Senior Savings Services

Senior Savings Services

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Starting Medicare Part B Options

 

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See below if you are starting

Medicare Part B and are not age 65

 

When to Enroll in a Medicare Supplement Plan

It is best to enroll in a Medicare Supplement plan during your Medicare Supplement Open Enrollment Period which is a 6 month period. Your Medicare Supplement Open Enrollment Period starts the month your Medicare Part B is effective and ends 5 months after. During this 6 month period you cannot be asked any health questions to enroll in any plan. After this 6 month period you still have options to enroll in a plan, however can be asked health questions.

If your Medicare Part B takes effect when you are under age 65, you may be able to enroll in a Medicare Supplement plan depending on the state you reside in. Contact Senior Savings Services to find out what is available to you. When you turn age 65 you will receive another Medicare Supplement Open Enrollment Period.

Choosing a Medicare Supplement Plan

There are ten different types of plans to choose from which are shown in the chart below. Senior Savings Services works with you to determine which plan will be best for you. With a Medicare supplement plan you can go to any doctor or hospital that accepts Medicare.

When to Enroll in a Prescription Drug Plan

You can enroll in a Prescription Drug Plan within a 7 month period – 3 months before you start Medicare Part B, the month your Medicare Part B takes effect, and 3 months after starting your Medicare Part B.

If you don’t enroll in a Prescription Drug Plan when you are initially eligible you can be charged a late enrollment penalty. This penalty equates to about $0.34 for each month you have not been enrolled in a plan. The amount of this penalty gets added onto the monthly cost of the Prescription Drug Plan you enroll in and never goes away.

To see an illustration and further explanation view:

Who to Enroll With

It is important to know that Medicare Supplement plans are offered by several companies. The 2017 Medicare & You handbook shows on page 81 that all Medicare Supplement plans are exactly the same. As a consumer you have a right to know which companies in your situation are the most cost effective. Senior Savings Services will let you know what the options and rates are on the plans and keep you informed. Senior Savings Services is independent and will work for you year after year to always know what options are available to you. The service is always provided at no charge to you and we do what we say we will do. To get a quote on your options call Senior Savings Services or complete the Get a Quote form at the bottom of this page.

Employer Coverage vs Medicare 

If you are retired and have an employer-sponsored insurance plan it could be to your benefit to compare against Medicare plans. Senior Savings Services can let you know what your Medicare options are in comparison with your plan’s premium, deductible, copay, coinsurance, and maximum out of pocket limit so you can best decide for yourself. In recent years more and more companies are changing their employer health plans in retirement.

Affordable Care Act Health Plans and Medicare

If you carry an Affordable Care Act health plan and you become eligible for Medicare Part A or Part B you will want to review and enroll in the options on Medicare. You will have to pay a late enrollment penalty if you do not enroll in a Medicare plan when you first become eligible for Medicare. The late enrollment penalty stays with you as long as you have Medicare.

If you keep your Affordable Care Act health plan, from the time you become eligible for Medicare Part A you won’t be able to keep any premium tax credits or savings based off your income.

Have questions learning and deciding your options? 

Call Senior Savings Services at toll-free 1-800-592-0819.

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Not connected with or endorsed by the United States Government or the federal Medicare program. Medicare has neither reviewed nor endorsed this information.

I do not offer every plan available in your area. Any information I provide is limited to those plans I do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all your options.

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