Preparing for Medicare in 2023 might be on your to-do list. Especially if you are retiring this year, Medicare is a very important topic. It is a huge task to transition into. Failing to enroll properly or late can result in enrollment penalties.
In addition to understanding how Medicare works and your enrollment window, the coverage and cost will also be of importance. Let’s explore preparing for Medicare by examining your enrollment window, your coverage, and the costs associated with this insurance.
If you are interested in learning details and strategies with regard to Medicare, check out this free ebook. The Medicare Strategy Guide is loaded with pertinent information and will ensure you get all the Medicare benefits you are entitled to.
Preparing for Medicare: Your Enrollment Window
When preparing for Medicare it is vital to understand your enrollment window. Your Initial Enrollment Period (IEP) is a seven-month window that starts three months before your 65th birthday month and ends three months after it. Applying before your birthday month means your benefits will start on the 1st of your 65th birthday month. But if you apply within three months after your birthday month, your coverage will begin on the 1st of the following month.
It’s important to note that your employer’s insurance coverage may end at different times, so it’s best to check with your HR department. If you retire before 65 without any employer insurance, you can consider enrolling in an Affordable Care Act (ACA) plan until you become eligible for Medicare.
In some cases, you may be entitled to a Special Enrollment Period (SEP). This occurs when you continue with your employer’s insurance plan or your spouse’s. Once you lose that health coverage, your SEP opens up. During this time you can apply for Medicare and a Medigap plan with no medical underwriting questions. It’s recommended that you apply for Medicare about two months before you need it to be effective.
Preparing for Medicare: Your Coverage
It is important to know what coverage Medicare provides when you enroll. Original Medicare A & B will cover 80% of your Medicare-approved health-related costs. When you also enroll in a Medigap plan, the remaining 20% of your bill then be covered as well.
What does Medicare cover? Most essential healthcare needs will be covered by your Medicare plan. It is easier to list out the things that will not be covered.
Some of the items and services Medicare doesn’t cover include:
- Long-Term Care
- Dental care
- Eye exams (for prescription glasses)
- Cosmetic surgery
- Massage therapy
- Routine physical exams
- Hearing aids and exams for fitting them
- Concierge care
- Covered items or services you get from an opt-out doctor or other providers (except in the case of an emergency or urgent need)
Preparing for Medicare: Your Cost
Preparing for Medicare means knowing your cost. The cost of Medicare does depend on your situation and choices. For 2023, the monthly premium is $164.90. This also coincides with a Medicare Part B annual deductible of $226.
If you choose a Medigap plan to cover the remaining 20% of your medical bill, that will include an additional cost. This coverage will include any approved healthcare costs from a provider that accepts Medicare. This means Medigap plans do not have HMOs or PPOs. A Medigap plan typically costs members $80-$130/month on average.
Choose a Medicare Broker
It is no surprise that enrolling in Medicare and preparing for retirement can be difficult. The best option when preparing for Medicare is to choose a Medicare broker. A Medicare broker can guide you along the path to choosing the right enrollment time and Medigap Plan.
When you choose MedicareInc.com as your Medicare broker, you are choosing an experienced team to guide you through the Medicare maze. The best part is that our services are always at no cost. Sign up today for a free assessment. We make retirement easy!
Preparing for Medicare in 2023 can be a breeze with MedicareInc.com. You will be guided through the right time to enroll, the right plan for your health, and how to navigate all of your options. Choosing MedicareInc.com as your broker is easy and will help you escape into retirement with grace.