Local SS office — Call to review Medicare Advantage & Medicare Supplements + discuss the best plan for your situation!
Local SS office — Call to review Medicare Advantage & Medicare Supplements + discuss the best plan for your situation!
I call SS's regulations for MediCare "rules" and they state — you:
-> Become "eligible" for coverage the first day of the month when 65.
-> Can sign up for Part A at anytime
-> Can only sign up for Part B during specific enrollment periods — [This page describes the steps to take and when!]
There are two exceptions — A person who :
-> started to receive SS benefits more than four months before 65 is automatically enrolled in Part A & B the month eligible.
Note: These individuals can opt out of Part B if on an employer medical plan. Thus, they do not have to pay the employer plan contribution plus Part B's monthly cost..
-> qualified for SS disability when under 65 becomes eligible for Part A & B after 24 months!
* The Local office is usually better since surveys report Individuals received incorrect information when calling SS's main 800 # !
When calling the SS office tell them you want to talk to a Retirement person then ask about:
● completing your application for Part B and activating Part A.
● the options on how to pay your share of Part B's monthly cost. It's $170.10 a month in 2022.
[Note: It was $148.50 in 2021 and is projected to be lower in 2023.]
Background on what you pay for Part B:
● Your monthly payment is 25% of MediCare Part B's overall costs across the US divided by the number of individuals participating.
● $170.10 is the base amount in 2022,. But it will be higher if the AGI on your IRS 1040, from two years ago, is above 91k for Single & 182k for Joint. There are five income levels above 91k, and each has a higher monthly cost!
When to start SS benefits? SS has good info on selecting a good age to start. This summary may be useful.
A back and forth conversation with a SS Retirement person has many advantages. However, you can also sign up on this SS page Note: Online sign up is:
● Somewhat complicated so I recommend being careful.
● Not recommended when leaving an employer plan after 65! — Call if any questions on why. .
Note: When the application is complete - MediCare then calls you "entitled" [not enrolled ] to coverage under:
● Part A — inpatient care in a hospital.
● Part B — medically necessary outpatient services.
Entitled is on your MediCare ID card above the date your Part A & B medical coverage started!
Note:
● The number on the ID card is called your — Medicare Beneficiary Identifier (MBI) It's unique to you and:
- ● Has — 4 upper case letters & numbers — 3 more — and 4 more.
● Does not use letters S, L, O, I, B, and Z to avoid confusion with numbers such as “0” and letter “O”.
There is a picture of the ID card on this page and info explaining the new style ID card.
Local TV has a lot of ads for Medicare Advantage plans with Celebrity spokesman saying — call to get these better "new benefits"! But:
● Plans with the benefits mentioned are only available for lower income individuals eligible for MedicAid!
● The ads do not follow Medicare marketing rules requiring ads to be focused such as — call if you will soon be eligible for MediCare! They cannot imply anyone can call!
Note: The link to the page in red has factual information on the two types of Medicare Health plans, the sign up rules, and the times people can sign up — called federal enrollment periods
Another ongoing ad about retirement mentions Medicare and says - Buy their Medigap plan! [a Medicare Supplement] But:
● This companies plan is not approved in CT!
A survey of individuals over 65 found:
- > 29% do not understand Medicare Advantage Plans
- > 23% do not understand Medicare Supplements
- > only 48% said enrollment was easy.
Another survey found ― 55% of people report being confused!
Tip: Call John C Parker at (860) 451-9793. [Google Voice #] — If you have questions about how:
● MediCare works
● the sign up periods work!
Note: Calling is just a commitment to talk to John - not to enroll!
● First — If currently covered by your or spouses employers medical plan — or were in past 63 days — you will be eligible for a Special Enrollment Period (SEP)
Second — Call the Local SS office — ask to talk to a Retirement person. Tell them the date you will be leaving employer coverage and you want to:
● Start Part B at that time.
-> FYI. They will also activate Part A but it will be backdated six months from the date you get for Part B.
● Discuss options to pay your monthly cost for Part B [$170.10 in 2022 ] :
-> it's deducted from SS when receiving benefits.
[Note: Part B is projected to be lower in 2023.]
Third — To confirm you had employer medical coverage your employer has to complete a CMS-L564 which you take to SS to implement the SEP.
-> You can also find CMS-L564 on this link.
-> You can also get the application for Part B, CMS-40B on this link.
When the CMS-L564 is signed and returned to SS it:
-> confirms you have medical coverage and approves your SEP.
-> means you avoid B's late enrollment penalty
BTW — If you did not have employer medical coverage you can't just sign up for Part B when you want! <—> Federal regulations limit sign up times when past 65 to these periods.
Let's look at — what you would pay for treatment/services if just using Part A & Part B! (called original Medicare)
MediCare — does not pay MDs or other outpatient providers 100% of the approved amount for the treatment or services they provide!
Let's look at — how MediCare's system works — It:
● Reviews all medical treatments and services and "assigns" ** an approved amount for each.
● Asks MDs and other outpatient providers, who agreed to participate, to accept just 80% of the approved amount. Thus, providers have to accept "assignment".
** Discounted, often deeply, from retail!
Thus, if you were to just use "original Medicare" and go for — any:
● Outpatient treatments or services you pay 20% of the amount MediCare's approved! You also pay, at the beginning of each year, Part B' deductible — It's $233 in 2022.
Bottom line — so many medical treatment and services are outpatient today so paying 20% could quickly be a Big Risk to your income & savings!
● In hospital treatment: When admitted Part A's coverage is very extensive and MediCare pays all medically necessary treatments / services — You would be responsible to pay Part A's deductible each time admitted. It's $1,556 in 2022.
Buy one of the two types of special medical related insurance which I call — Medicare Health Plans! Buying this special financial protection is like — putting up an umbrella over your income & savings!
Note: If you don't buy — all the bills for your 20% share will come in the mail like a rain storm!
These two red links take you to information on each type and how they work with the MediCare system when you have medical treatment / services:
● Medicare Advantage Plan in New London CT or a
● Medicare Supplement in CT
There are options for different level of coverage in each to meet your situation / interest / budget.
It would be nice to not have a change in health — but in every life we know:
● No one can say an accident won't happen!
● The possibility of an illness with complex treatment is high, which means paying 20% for all outpatient treatment = significant costs!
What that means — because of what may happen in your life it's important — to buy either a:
-> Medicare Advantage (MA) Plan approved for New London County
-> Medicare Supplement approved in Connecticut
When you own either option it:
+ + protects your income & savings from big expenses
+ + puts you in control
+ + provides peace of mind which is priceless!
Note: You can change your Medicare Health Plan once a year and a Med. Supp. can be changed at any time!
Whether you'll soon be 65 — or planning to leave an employer plan after working past 65 call/text John C Parker's Google Voice today (860) 451-9793)
In calls & eMail we can:
● Review your situation / interest / budget and which type will be best!
● Meet or talk to increase understanding of plan details and how they work in our area.
Note: Whatever time you need will be available to help you.
> I am told this is a big Help!
● Meet again after you think about what will be best for your situation to sign up!
Then too it's OK to say — now is not the right time!
You can also send questions to me about signing up for a Medicare Advantage Plan or a Medicare Supplement:
● Using the form below or
● To — John@MedicarePlansSECT.com
