You are not alone. I get these questions all the time.
Most people about to turn age 65 get tons of information mailed to them and because it is so overwhelming, they may just push it off thinking they are still working and don’t need to address this information now. Or they may decide to attend local “Medicare 101” meetings only to walk away a bit overwhelmed or in some cases with the wrong information.
I recently met with a new client that told me she had been advised that because she was still working, she was not allowed to enroll into Medicare….That was WRONG!
First off, Medicare Part A (hospital), is sent to you just prior to your 65th birthday. You earned it through your taxes paid.
Part B (doctors/services outside the hospital), does not need to be initialized until you leave your employer coverage.
BUT…You could choose to initialize/activate your Part B of Medicare and choose a Medicare option of insurance coverage instead of your employer group coverage.
Why would you do this? It may offer much better coverage and in many cases greatly reduce yours and your employers costs!
What are those costs/Options?
Example #1 in Orange County, CA
Just turning age 65
Medicare A cost $0
Medicare B $121.80/month (slightly higher rates if your household adjusted gross income is over $170,000/year.
In the above scenario, you could enroll into a Medicare Advantage Plan (HMO) and there would NOT be additional monthly premiums. So the monthly cost would only be $121.80 for multiple plans. And this includes Rx Part D.
Example #2 in Orange County, CA
Just turning age 65
Medicare A cost $0
Medicare B $121.80/month
In this scenario, you could choose to add a Supplemental PPO type solution and a separate Rx Part D
For simplicity, the Plan F will be reflected and offers PPO like options with $0 Deductible, $0 Copay for doctors (Multiple companies offer these plans)
The approximate costs for this supplemental would be under $250/month + the $121.80/month = $371.80
Could the above solutions possibly improve your current coverage with your employer? Could it save both you and your employer quite a bit of money each month? More than likely the answer is yes.
(Tear out this page for reference and discuss with your HR dept)
You may also want to consider meeting with a Medicare Insurance Broker like me!
A broker does not work for any one company/carrier and therefore can offer a number of different plans, a completely unbiased approach.
Oh, and one last thing: Medicare insurance Brokers will not cost you anything to review and does not in any way increase cost to you by enrolling. Clients love that we still make House Calls and are local. I am happy to review with you one on one, or to meet with your employer to explore options. Your employer may already have a great insurance Agent that takes care of all the group policy plans, I can work with that agent too. We do not conflict with your company’s group insurance. In many cases we can lower the over all groups plan cost. The insurance industry has changed dramatically over the last few years and we ALL have to specialize. I’ve chosen to specialize in Medicare options only (for over 10 years). You can not be the Jack of all trades. Pick your specialty and do it well.
PS. (DONT GO ONTO COBRA, YOU WILL INCUR A PENALTY IF YOU ARE ELIGIBLE FOR MEDICARE).
A Medicare Broker = A Certified Licensed Insurance Agent that represents more than one Insurance Company for the Medicare marketplace. Dedicated to supporting Seniors.
