When it comes to Medicare, you may be enrolled automatically, but how do you know if you will be?
If you are receiving benefits, the Social Security Administration will automatically enroll you in Medicare Parts A and B at age 65. Social Security will mail you sign-up instructions three months before your 65th birthday, at the start of your initial enrollment period.
Your Options
You may be eligible for Medicare if you are 65 or have a qualifying disability (U.S. citizenship or legal residency criteria apply). Because Medicare is not a one-size-fits-all solution, you must make critical choices.
First, you must select whether Original Medicare or a Medicare Advantage plan will best meet your medical needs:
- Original Medicare: This version of Medicare includes Parts A and B, as well as the option of enrolling in Part D prescription drug coverage. This option provides nationwide coverage from Medicare providers. A wide range of services is provided.
- Medicare Advantage: Part C coverage is provided via Medicare Advantage. Some plans may include a prescription drug plan under Part D. Except for emergency treatment, your coverage is typically limited to providers in your local network. However, these plans may provide supplementary benefits for items not covered by Original Medicare, such as dental, vision, or hearing.
Second, pick which type of plan is ideal for your budget:
- Original Medicare: No out-of-pocket spending limit, but you may be eligible for cost-cutting incentives through a Medicare Supplement Plan, often known as Medigap, which helps cover your deductibles, coinsurance, copays, and other fees.
- Medicare Advantage: Out-of-pocket spending is limited, dependent on whether services are in or out of network. In-network prices are anticipated to be $8,300 in 2023. Keep in mind that the cost of monthly premiums is not included.
Automatic Enrollment for Original Medicare
If you receive Social Security payments when you become eligible, you are automatically enrolled in Original Medicare (Parts A and B).
This happens when you reach age 65 or have a qualifying disability and receive Social Security disability insurance (SSDI) for at least 24 months. (In your 25th month, you are automatically enrolled in Medicare).
Fortunately, once you’re automatically enrolled, you can always add on additional coverage. Whether it’s with a Medicare Supplement, Medicare Advantage, or Medicare Part D plan, the choice is completely up to you!
If you have any further questions regarding automatic Medicare enrollment or which coverage is best for you, Toni Buffington Medicare Solutions has the answers you’re looking for! Give us a call today for more information.