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When you're sick or injured, the last thing you want to deal with is the headache of insurance—or even worse, the headache of not having insurance! Unfortunately, the world of medical insurance can be overwhelming and confusing, full of jargon and tricky fine print.
But for those over retirement age in the United States, the federal government has a health insurance plan you've probably heard of: Medicare. According to the U.S. Census, 92% of Americans had health insurance coverage in 2022, with Medicare coverage accounting for about 19% of those insured.
Who can sign up for Medicare?
Medicare is for people 65 and older, as well as some younger people with disabilities. The program covers hospitalizations and other medical care at a free or reduced cost. You pay into Medicare throughout your adult life by paying taxes. Then, once you reach retirement age, you're eligible to enroll in Medicare and reap the benefits of the program you've been paying into.
Medicare is split into four different parts: A, B, C, and D. Part A covers hospitalizations, home nursing, and hospice care. Part B is insurance that covers certain doctor's services, outpatient care, and medical supplies. Part C is for Medicare Advantage Plans, which is private insurance for covering hospital and medical costs. Lastly, Medicare Part D is prescription drug coverage.
When should you sign up for Medicare?
It's important to know when you should sign up for Medicare. Healthline.com says, "The Social Security Administration oversees the Medicare program and recommends signing up for Medicare when you are initially eligible, even if you don't plan to retire or use your benefits right away."
The initial enrollment period for Medicare begins three months before your 65th birthday, then goes through the month of your birthday and continues for three months afterward. Goldenwest Credit Union recommends that members begin the enrollment process as early as possible within this seven-month window to avoid delays in coverage.
Deciphering different enrollment periods
Signing up for Medicare when you turn 65 is just the first step. The initial enrollment means you are participating in parts A and B of Medicare.
Once enrolled in Parts A and B, there is an Annual Enrollment Period (AEP) between October 15 and December 7. You don't want to miss this window! During this set time you can change your Medicare coverage choices. These new coverage choices will go into effect on January 1.
After the Annual Enrollment Period there is what's called the Open Enrollment Period (OEP), which runs from January 1 through March 31. This time is for those who are already enrolled in an Advantage Plan (Medicare Part C). If you want to switch to a different Advantage Plan—or drop your Advantage Plan altogether—OEP is the time do it. During this period, you're also able to go back to Original Medicare and join a Medicare Prescription Drug Plan.
If you plan on working past age 65, your enrollment period will look a little different. The Special Enrollment Period (SEP) will give enrollees eight months, plus the month of retirement, to sign up for Medicare.
Attend a free Medicare seminar through Goldenwest Credit Union
Stepping into a new world of insurance plans can be confusing. Goldenwest Credit Union can help! Goldenwest will host several free Medicare seminars during the Annual Enrollment Period (starting October 15) to help educate Medicare users on any changes and assist them in making those changes. These seminars are available in person and virtually throughout Utah. A list of seminars is available on the Goldenwest website.
If you need help choosing a Medicare Plan, a Goldenwest licensed sales representative can help you understand what Medicare is, what coverage you might need, and how to sign up.
If you're over the age of 60, set an appointment with a Goldenwest Medicare Licensed Sales Agent to begin exploring the insurance options. If you've already enrolled in Medicare, Goldenwest agents are available to do a financial checkup and determine if you have adequate insurance coverage for your health needs.
