Enrolling in Medicare is a significant milestone in your life, marking a shift toward focusing on your health and well-being as you approach retirement age. Whether you’re nearing your 65th birthday or are eligible due to a disability, understanding the Medicare enrollment process is crucial to ensuring you receive the healthcare coverage you need. Credit Union of Denver partner, MedicareCU Insurance Agents, can help you enroll with five easy steps.
MedicareCU will give you access to a trusted agent that can help you navigate your Medicare options for the first time and every year during Open Enrollment. We are confident you will be very satisfied with this vetted service.
Step 1: Call Your MedicareCU Insurance Agent Who Helps with Medicare Plans.
The biggest step you on take on your own is to call Credit Union of Denver’s MedicareCU insurance agent, who help members with Medicare plans, so you better understand your options based on your specific needs. They will also coach you through signing up for Medicare, so you are covered correctly. Medicare can be very confusing and now you have a trusted source of information and help.
Step 2: Knowing When You Can Enroll
Your Initial Enrollment Period (IEP) is your first chance to sign up for Medicare. It begins three months before you turn 65, includes your 65th birthday month, and lasts three more months after your birthday month. So, you have a total of seven months to enroll in Medicare. Its recommended you enroll during the first three months of your IEP as coverage may be delayed if you enroll during your birthday month or later.
Step 3: Learn About Original Medicare
Original Medicare, provided by the federal government, is made up of Parts A and B:
Medicare Part A helps cover inpatient care in a hospital or a skilled nursing facility. Most people get Part A without having to pay a monthly premium. People who do pay a premium may pay up to $501 per month in 2023.
Medicare Part B helps cover outpatient care like doctor visits and preventive screenings. Your Part B premium is based on when you enrolled in Medicare and on your income. The amount ranges from $174.70 up to $594.00 per month in 2024. Other out-of-pocket costs with Original Medicare may include deductibles, co-pays, and co-insurance.
Step 4: Learn About Private Medicare Plans and Medicare Supplement Insurance
Medicare contracts with private insurance companies to offer more coverage choices to beneficiaries.
- Medicare Advantage (Part C) is an alternative to Original Medicare. Plans must provide the same coverage as Parts A and B. Many plans also offer additional benefits, like coverage for prescription drugs and dental, hearing, and vision care, all in one plan.
- Medicare Part D helps pay for prescription drugs. This coverage is not included with Original Medicare. You can add drug coverage through a standalone Part D prescription drug plan, or you may enroll in a Medicare Advantage plan with drug coverage included.
- You may have many private Medicare plans to choose from, depending on where you live. Coverage, premiums, and out-of-pocket costs may differ from plan to plan. It’s important to shop around if you want coverage beyond what Original Medicare provides.
- Medicare supplement insurance plans (Medigap) help cover some out-of-pocket costs that Original Medicare (Parts A and B) doesn’t pay. Plan availability may vary from state to state. You must be enrolled in both Part A and Part B before you can join a private Medicare plan or a Medicare supplement insurance plan.
Step 5: Decide and Enroll
You’ll be automatically enrolled in Original Medicare (Parts A and B) if you are getting Social Security benefits when you turn 65. You’ll receive your Medicare card in the mail several months before your birthday. Otherwise, you may enroll yourself at your local Social Security office or at Medicare.gov. Certain late enrollment penalties may apply if you miss or delay enrolling during your IEP.
You might consider enrolling in just Part B if you are working past age 65 and have employer coverage or you may be able to delay Part B without penalty as long as you have qualifying coverage. Your employer plan must meet certain requirements to be “creditable”. Talk with your benefits manager about how your employer plan might work with Medicare.
You also have other choices if you enroll in both Part A and Part B. You can:
- Add a Part D prescription drug plan to Original Medicare
- Add a Medicare supplement insurance plan to Original Medicare
- Join a Medicare Advantage plan (Part C)
Making Changes to Your Coverage
After enrolling, you have opportunities to make changes during the annual Medicare Open Enrollment Period (October 15 to December 7). During this time, you can switch from Original Medicare to a Medicare Advantage plan or change your Part D prescription drug plan.
Enrolling in Medicare is a big change in your life, and you may feel overwhelmed with information and choices. By understanding the different parts of Medicare, knowing when and how to enroll, and avoiding common pitfalls, you can make informed decisions that will benefit your health and financial well-being. Remember, your Credit Union of Denver MedicareCU Insurance Agent can help you navigate your plan options and get you the right plan!
Contact your MedicareCU Independent Insurance Agent Duy Beck, for more information and to schedule a no-cost consultation.
Duy Beck - Independent Insurance Agent for MedicareCU
Email | duy@medicarecu.com
Phone | 303-233-3426
Text1 | 720-734-7440
In Person | Schedule an appointment
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