I am self employed and since my group is small, I am told my group insurance is primary. I will be 65 in two months, I am not drawing social security and I will continue to work for the next 18-24 months.
2006-12-01 01:35:02 · 6 answers · asked by Tom M 1 in Business & Finance ➔ Insurance
You will automatically get Part A at age 65 and will be eligible to get Part B if you choose to do so. You should check with you insurance to see if you will be better off getting Medicare A & B and letting your group insurance be a secondary (supplement) policy. If you have drug coverage as a part of the group insurance, you will not need to get Part D (drug coverage) until you retire. If you don't have drug coverage, you should get the Part D as soon as possible to be effective at age 65 as well.
2006-12-01 03:18:02 · answer #1 · answered by deep5223 4 · 0⤊ 1⤋
You will generally have to apply for Medicare during the period that is three months before the month you turn 65 and ending three months after the month you turn 65. There are circumstances where you can postpone the application period but you need to follow the rules. If you don't apply when you are supposed to there is a 10% surcharge added to your Medicare premiums that never goes away.
My experience has been that if you contact the Social Security Administration they are very helpful and knowledgeable about how to work the system properly.
2006-12-01 03:19:13 · answer #2 · answered by waggy_33 6 · 1⤊ 0⤋
Unfortunately .... Yes.
My dad did not register for Medicare for several years after 65. Now he has been required to sign up for it at a terrible penalty compared to my mom who did sign up earlier.
Compounding the problem is the newer prescription program. If you miss the deadline, you may be nailed an additional 1 per cent per month until you do. The problem is enrollment is only possible at certain times of the year.
2006-12-01 04:55:17 · answer #3 · answered by Jeff H 5 · 0⤊ 1⤋
They want you to sign up ASAP. If you don't then they will penalize you each for year if you decide to sign up later. Plus you will probably be required to sign up when you retire. Medicare will become primary and your present insurance will become secondary. Check with your employer and present insurance.
2006-12-02 00:23:47 · answer #4 · answered by Bigdog 5 · 0⤊ 1⤋
According to the financial senior newsletter, you want to enroll now! Waiting will cost a certain % each month you wait for life.
The financial senior is at http://www.reversemortgagepage.com
2006-12-04 06:14:26 · answer #5 · answered by Byron W 3 · 0⤊ 0⤋
Now!!! and review the various options that medicare offers you, be wise and choose the best.
Good life! :)
2006-12-01 01:43:34 · answer #6 · answered by ♥angltouch♥ 4 · 0⤊ 1⤋