Is It Necessary to Enroll for Medicare Insurance Plan When Turning 65?
Most people not only in Georgia but the rest part of the world consider retirement as one of the exciting events as it marks the beginning of their “me time” when they can relax more and worry less. However, when retirement is imminent, most people often wonder which health coverage plan they should take. Some of the people also work past their retirement age, and that’s the point when choosing a healthcare plan gets even more confusing.
As a result, many individuals in Georgia often ask the question, “Do I have to sign up for a Medicare Insurance Plan at the age of 65 if I am still working?”
Since there are several options out there, you would want to choose the one that suits your health needs in the best possible manner. The most important thing you should be aware of is that there are indeed possible penalties that you might face for not enrolling in Medicare when you reach the age of 65.
Apart from the above-mentioned question, there are several other questions too frequently asked by people reaching their sixties. And they are also the ones that must be asked by any Medicare-eligible employee. Here is a quick view of these questions:
Commonly Asked Questions from People Reaching Their Sixties/Medicare-Eligible Employees:
Does Medicare get activated automatically? Or, do I need to enroll for a Medicare Insurance Plan?
What do Part A and Part B mean in Medicare? Will I need both parts?
Does Medicare Insurance Plan replace the health coverage at my work?
Can I keep my employer’s medical plan and continue working past 65?
Penalty for Late Enrollment:
First of all, if you are still employed after turning 65 and your employer is still providing you with health insurance coverage, then you have the option to delay your enrollment in Medicare Part B (which refers to outpatient care, medical insurance).
The issue that arises with delaying your enrollment in Part B is that you could end up paying a penalty when you eventually go for enrolling. For every year, you don’t enroll in Medicare; you will pay a premium 10% higher than it would have been originally. And that’s the reason why it is highly recommended to enroll in the Medicare Insurance Plan when you turn 65.
However, there is a solution to not paying the penalty. When you are working, your health coverage provided by the employer will be fine with Medicare Part A (which refers to hospital, inpatient care). Once you retire, there is a window of eight months for you to enroll in Part B without having to pay the penalty. And remember that, as you leave your job, your employer’s given health benefits will no longer apply. So, enroll for Part B Medicare as early as possible.
Medicare Insurance Plan is an ideal option for anyone who is turning to 65 soon. The Initial Enrollment Period for Original Medicare (Part A as well as Part B) opens the month before you turn 65 and ends the month after you turn 65.
However, the best way to make your decision is to talk to Medicare consultants to get the most updated information about the latest schemes and plans and to find out which one is best for you.