Having health insurance coverage is essential. For many, this coverage comes through work, whether it\u2019s your job or your spouse\u2019s. But what happens when you are nearing retirement? Knowing when you will become eligible for Medicare and the best time to enroll will be key to your planning process.\u00a0
\nWho is eligible to apply for Medicare?
\nIf you are age 65 and meet the following criteria, you are eligible for Medicare sign up:
\nIf you are age 65, a U.S. citizen or permanent legal resident, and do not meet the other criteria, it is still possible to participate in Medicare. You just may have to pay a monthly premium for each of the Medicare coverages you require.
\nLet\u2019s take a closer look at how the Medicare enrollment process works for those who qualify.
\nI just turned 65. Do I need to sign up for Medicare, or will I be enrolled automatically?
\nThe answer depends on whether you are already receiving retirement benefits as of three months before your 65th birthday. This is when your Initial Enrollment Period (IEP) begins.\u00a0
\nIf you are collecting benefits – either Social Security retirement or Railroad retirement benefits – then you will be enrolled automatically in Medicare Part A and Part B. If you aren\u2019t collecting benefits, then you will need to apply for Medicare.\u00a0
\nHow does automatic Medicare enrollment work?
\nIf you meet the criteria (immediately above) for automatic enrollment, then you should receive your Medicare card and additional information about your Medicare Part A and B benefits in the mail three months before your coverage begins. The packet will come from the Social Security Administration if you\u2019re collecting social security benefits. The Railroad Retirement Board will send you your materials if you\u2019re receiving Railroad retirement benefits.
\nYou will be automatically enrolled in Medicare Part A (hospital insurance) and Medicare Part B (medical insurance). While you can opt out of Medicare Part B, it\u2019s best not to do so unless you have medical insurance through either your employer or that of your spouse. Otherwise, if you do not have it and refuse Medicare Part B coverage, you may have to pay a premium penalty if you apply for coverage at a later date.
\nIn addition, you will want to confirm whether your current employer-provided insurance becomes secondary once you qualify for Medicare. If so, then applying for Medicare may save money on your health care costs by providing primary insurance.
\nWhen to sign up for Medicare if you don\u2019t qualify for automatic enrollment
\nWhile the Medicare enrollment age is 65, you become eligible to begin the process three months before your 65th birthday. Here are the enrollment periods you need to know:
\nImportant Tip: While you may have seven months to enroll, it\u2019s best to do so as early as possible – no later than the initial three months. This will ensure that you won\u2019t have gaps in coverage or run into penalties. For Medicare Part B (medical insurance), there is a late enrollment penalty that could end up costing you for the entire period you have Medicare Part B.
\nFor Medicare Part A (hospital insurance), if you\u2019re eligible for premium-free coverage, then you can sign up at any time once you become eligible. Once it goes into effect, its coverage will be retroactive up to six months from your sign-up date, but won\u2019t extend beyond the date you first became eligible.\u00a0
\nIf you are required to pay premiums for Medicare Part A, or you wish to enroll in Medicare Part B, then you have to do so during your Initial Enrollment Period (IEP) or one of the enrollment periods below.
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For example, if you currently have group health plan coverage, you can enroll in Medicare Part A (and/or) Medicare Part B, if:
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In addition, once that employment ends or the group health plan through that employment ends, you will also receive an 8-month period in which you can sign up for Medicare Parts A (and/or) B without penalty. This begins the month immediately after the employment or group health plan coverage ends, whichever happens sooner.
\nThe Bottom Line
\nIf you\u2019re wondering when to apply for Medicare, the answer is to be proactive. Know when your Initial Enrollment Period begins and whether you\u2019ll be automatically enrolled or you\u2019ll need to apply as soon as you\u2019re eligible. Not only will you save yourself time and trouble, but you\u2019ll also save on health costs and penalties.
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