Turning 65 - What you need to know about enrolling in Medicare

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If you're turning 65, this video will help you enroll in Medicare and choose a plan that fits your needs. We'll cover how Medicare works and how to enroll. We'll also go over when to enroll, penalties and supplement plans. You'll understand how Medicare works. This is Medicare made simple.

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Are you turning 65? Then you probably have some questions about Medicare. It’s simple and easy when you know the right steps.

We teach simple strategies to save you money and maximize your Medicare benefits.

One of the most important decisions you’ll make when turning 65 is choosing the right Medicare plan.

Here are the 5 steps to successfully enrolling in Medicare for the first time.
Step number 1 is Understanding How Medicare Works.
Now, there are 4 parts to Medicare…Part A, B, C & Part D. The easiest way to remember how each part works is to think of it this way. If you have an emergency, an ambulance will pick you up and take you to… “A”, the hospital. When you’re released from the hospital they’ll tell you to follow up with your…”B” primary doctor. Part C is known as Medicare Advantage, we’ll look at that in just a moment, and part D covers your prescription medications…or “D” for drugs.

Now that you know the basics of how Medicare works let’s look at step number 2…Knowing how to enroll in Medicare.

Enrolling in Medicare is simple. Just call your local social security office. They’ll determine your eligibility and even walk you through the whole process. Once you’re enrolled you’ll receive your red, white, and blue Medicare card in the mail within 30 days. Your coverage will begin on the first day of the month you turn 65.

Step number 3. When To Enroll In Medicare
You have a 7 month window to enroll in Medicare for the first time. This Enrollment window begins three months before your 65th birthday and lasts for 7 months.
So what exactly does that mean? It means you can enroll in Medicare when you’re 64 and 9 months old. So let’s say you’re turning 65 in July, you can sign up as early as April 1st but no later than October 31st. This 7-month window is only offered to you once. If you don’t enroll during this period, you may end up paying a late penalty.

Here’s a tip: Don’t delay, Have your coverage working for you the very first day of your birth month. Take advantage of the time given to you and enroll before you turn 65.

Step number 4. Prescription Drug Coverage or (Part D)
Many people are unaware they must enroll in a Part D prescription drug plan once they become eligible for Medicare, even if they currently do not take medication or need prescriptions. If you delay enrollment in a Medicare prescription drug plan when you’re first eligible, you may have to pay a late-enrollment penalty.

And finally, step number 5. The Coverage Gap
It’s important to know that Medicare A&B only covers about 80% of your Medicare bills, this is known as the coverage Gap. The good news is you have two options to cover this 20% gap.

Option 1: Medicare Advantage (Part C)
Medicare Advantage is limited to a network of Specialists, Doctors & Hospitals. Most of these plans have co-payments, co-insurance, and other out-of-pocket costs that can total up to $6,700 annually.

Option 2: Medicare Supplement (Medigap)
Medigap plans have low monthly premiums and no network, which allows you to choose any Specialist, Doctor or Hospital that accepts your red, white and blue Medicare card. There’s no co-pays, no co-insurance and no deductibles

When comparing the two, Medigap plans offer the most protection and remain the most popular choice of coverage for people throughout the U.S.

Thank you so much for watching…and if you have any questions about the content of this video or about maximizing your Medicare benefits, then download our free e-book, The Medicare Strategy Guide, In this guide, we cover the step by step process that we use to help people with their Medicare enrollment.

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I am almost 61, but never too early to start learning the information about Medicare, although things may change.
Thank you for your info!!!
😀😁😊👍

rosieroberts

Thank you. This was exceptionally helpful. I finally understand it a bit better.

AprilMartinChartrandMS

This is a great video explaining how medicare works. I never really thought of all those things.

owenvideo

Thanks so much! This makes Medicare so much easier to understand.

peterwinkler

I'm turning 65 next year, and I'm starting to study my Medicare options. Your video was a perfect start. And I've subscribed to your channel. Thanks Jared.

ZonaJim

Great, simple, explainer video. Medicare can be quite confusing but this makes it much easier to understand.

ScottWeissCFP

As someone who is ahem, "aging" (shudder) - I found this information useful. Thanks for keeping it clear and concise! Looking forward to more of your videos and have subscribed to your channel!

InspireandAcquire

Medicare is socialized medicine for seniors. All Americans should be allowed to enroll in programs like Medicare.

edrodgers

Medicare is socialized medical care for seniors.

edrodgers

I cannot afford your plan and I am looking for options to a plan I can afford. The hike we just received to Social Security is justified for the cost of living but it cannot pay for the Medicare Part B of my plan. It seems charging people a higher price if they do decide to get it iater I feel is unfair for not getting it when it was first offered. Not everyone can afford the plan. I would like to but it is not doable at this time.

alifeintransition

I wanted to see what the online Medicare application would entail, so I started an application online some five months before I turned 65. Now, when I go back to my application, it appears that the start date of my application (started more than 3 months before I turned 65) is creating an error and telling me I do not qualify to apply online for Medicare. There does not appear a way to delete my application and start over to satisfy the 3 month requirement before I turn 65?

CarlosGarcia-lshn

he said medigap has low monthly premiums that is incorrect, its the opposite Medicare advantage plans have the lower premiums but they do have Dr Copays etc. Medigap covers the copays because you pay the higher monthly premiums.

homermtz

Great video but wanted to know how and when to sign up for a medi- gap plan.

claudenewton

Medicare is socialized healthcare for the elderly.

billpasaki

Medicare is socialized medicine for the elderly. My Part B premiums are only $578, without the government subsidy they would be much higher.

tomblevins