Remember when it was exciting to turn 16? 21? Well now it’s exciting to turn 65. This is the magic year when Medicare starts. As you know, Medicare is federal health insurance for people 65 and older, as well as some younger people with disabilities. Even though most Americans receive Medicare when they’re 65, there’s still a lot of questions about this coverage.
Let’s answer the question of, “Do I automatically get Medicare when I turn 65?” and why you should also consider Medicare supplement insurance at this time.
When Does Medicare Kick In?
If you are collecting Social Security benefits, you should be signed up automatically to receive Medicare at age 65. If you are not collecting Social Security, you’ll have to apply for Medicare in New Jersey either online or through Social Security. You can enroll yourself in Medicare Parts A, B and D (prescription coverage) as early as three months before the month you turn 65 or three months after the month you turn 65.
We always recommend that our clients stay on top of deadlines, as you could get hit with permanent surcharges if you miss them. But there’s more than just enrolling in Medicare that matters. It’s also important to know what is covered and if you need supplemental insurance.
What is Medicare Supplement Insurance?
Medicare does not cover everything. So what happens if this federal insurance can’t meet your needs in full?
Medicare supplement insurance, or Medigap insurance, helps pay some of the health care costs that Original Medicare doesn’t cover. This allows you to reduce unexpected health care costs and preserve your savings. It also gives you the options you need to take care of your mental and physical health.
Some of the things Medicare supplement insurance can help with are:
- Excess charges
- Medical care when traveling abroad (only some policies)
How Can I Get Medigap Insurance?
All Medicare supplement insurance is sold through private insurance companies. Most of the insurance companies will expect you to have Medicare Part A and Part B, and you will be required to pay the Part B premium and the Medigap premium. As long as you keep your premiums current, your supplement insurance will automatically renew.
Rather than having to work with private insurance companies on your own, it’s helpful to speak with a financial advisor in NJ. This individual will sit down and look at your overall financial picture and if Medicare supplement insurance is right for you. If it is, you can get quotes from multiple carriers and compare which ones are the best. Costs do vary, but most policies offer the same benefits.
To learn more about Medigap insurance for you or your spouse, contact Leonard Financial Solutions today. We’ll be happy to provide you with free Medicare quotes.