Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:01):
Welcome to Medicare three sixty, where the world of Medicare
is simplified and you are empowered to make informed healthcare choices.
With over two decades of experience and insurance and financial solutions.
With hosts licensed insurance agents Jennifer Lee, you are guided
through the ins and outs of Medicare, whether you are
(00:22):
nearing retirement, navigating your options, or just curious about what's available.
Everything you need to know is covered. Tune in for
knowledgeable insights, tips and answers to your Medicare questions so
you can take charge of your health and your future.
And now Medicare three sixty.
Speaker 2 (00:44):
Welcome to Medicare three sixty, where we simplify Medicare so
you can make confident and informed decisions. I'm your host,
Jennifer Alfonso Lee, certified long term care specialists and on
our premier three sixty insurance and financial solutions. Today we're
diving deep into something that trips a lot of people,
(01:07):
how to apply for Medicare. Whether you're about to turn
sixty five, working past retirement, or already have Part A
and wondering how to add Part B.
Speaker 3 (01:19):
We'll cover it all today, So.
Speaker 2 (01:21):
Grab your coffee take some notes, and let's make sense
of the Medicare application makes together.
Speaker 3 (01:29):
So let's start with the basics.
Speaker 2 (01:31):
Medicare is not automatic for everyone. Some people are automatically enrolled,
others have to take steps to sign up. If you
are already receiving Social Security or railroad retirement benefits before
you turn sixty five, you'll typically be automatically enrolled. In
(01:54):
both Part A and B, you'll get your red, white,
and Blue card about three months before your birthday month. However,
and this is the key, if you're not yet collecting
Social Security when you turn sixty five, you must apply
for Medicare manually through Social Security. That can be done
(02:15):
online at SSA dot gov slash medicare, by phone, or
in person at your local Social Security office. The only
thing with the Social Security offices is that most are
requiring you to set up an appointment before you actually
get into the Social Security office. Your initial enrollment period
(02:41):
is a seven month window, three months before you turn
sixty five and the month of your birthday, then three
months after you turn sixty five. The earlier you apply,
the smoother things go, because your coverage can start the
first day of your birthday month.
Speaker 3 (03:01):
Pro tip.
Speaker 2 (03:02):
If your birthday falls on the first of the month,
Medicare starts the month before. So if your birthday, let's
just say, is eleven to one, your Medicare will start
ten to one. So now let's talk about applying for
both Part A and B. Most people apply for both
(03:25):
at the same time when they're first eligible. Part A
generally doesn't have a premium because you or your spouse
paid into Medicare through payroll taxes, so if you're eligible
for part premium free Part A, there's no reason not
(03:46):
to take it. On the other hand, Part B does
have a monthly premium, which in twenty twenty five is
one seventy four and seventy seven for most people, but
could be higher depending on your income. That's where IRMA
(04:09):
comes in, and I will discuss that further. When you
apply for both parts, your coverage typically starts the first
day of your birthday month. Once your card arrives, you
can enroll in a Medicare advantaged plan, a Medicare supplement plan,
or a prescription drug plan Part D, depending on your
(04:32):
needs and budget. So some common mistakes people think that
applying for Medicare automatically gives you full coverage. It doesn't
original Medicare only covers about eighty percent of approved services,
and there's no.
Speaker 3 (04:50):
Cap on at a pocket cost.
Speaker 2 (04:53):
That's why most people add a supplemental or an advantaged
plan to fill in those gaps. So let's move to
a scenario I see all the time. You're sixty five,
but you're still working and have an employer coverage. Should
(05:13):
I apply for Part eight only, right, since it's at
zero costs?
Speaker 3 (05:19):
Usually yes.
Speaker 2 (05:20):
If your employee coverage is credible, meaning it's equal or
better than Medicares, and you work for a company with
twenty or more employees, you could safely delay Part B
without any penalty. Applying for Part eight only allows you
to have hospital coverage through Medicare in case you're hospitalized,
(05:45):
while keeping your employer insurance as your main coverage. However,
if you have a health savings account, you just say
this is a big red flag. Once you enroll in
any part of Medicare, including Part A, you cannot contribute
to your HSA anymore. Many people don't realize this, so
(06:08):
if you're actively contributing, it's better to delay Part A
until you stop those contributions. So, just on a.
Speaker 3 (06:15):
Side note, on that.
Speaker 2 (06:19):
It's because people say, like, why can't you contribute because
in social securities eyes, you're already kind of like semi retired.
So just make sure that you're not contributing to an
HSA if you do apply for Part A, and if
you are contributing HSA and still want to continue, do
(06:43):
not apply for Part A at all, because what happens
is if you're contributing, do have Part A, then when
you do your taxes come that time, you're.
Speaker 3 (06:56):
Going to have to do a lot of help. You
need help from your tax.
Speaker 2 (07:02):
Person to just make sure that it's calculated correctly on taxes,
and from what clients tell me, it's kind of it's
a pain, So just watch.
Speaker 1 (07:14):
Out for that.
Speaker 3 (07:16):
Now.
Speaker 2 (07:18):
What if you already have Part A and ready to
add Part B later on, you'll need to complete Form
CMS forty B that's the application for enrollment in Part
B and Form CMS L five sixty four, which your
employer fills out to confirm you had incredible coverage. These
(07:39):
forms can be semented by male facts or online through
Social Security. If you're retiring or losing group coverage, you'll
have an eighth month special enrollment period to apply for
Part B without penalty, but no, if you go beyond
eight months, you'll face ten.
Speaker 3 (07:56):
Percent penalty for every twelve.
Speaker 2 (07:58):
Month period you do lay enrollment without credible coverage, and
that penalty does last for life. So timing matters, especially
for people retiring midyear and transitioning off Cobra. Cobra is
not considerable credible coverage for dilaying Part B. That's another
big mistake I see often, So I would say, you
(08:21):
know what, if you lose your group coverage, just please
apply for Medicare right away. I've seen it where people
do wait, and yes, there is that eight month special
enrollment period, but for some reason Medicare still gives up
give that person that penalty, and it's just so much
harder to fight, right, to fight for that exception when
(08:45):
it's not really an exception. It's a rule, but you
just don't know. I would just have coverage once you
retire or get off your group plan. And remember Cobra
is not credible, So let's run through the deus and dontes.
(09:06):
That can save you a lot of stress. So do
apply early, ideally three months before your sixty fifth birthday.
The thing is, as it nears the end of the year.
Most people do want to get on Medicare when they
retire effect of January first, so Social Security is a
(09:27):
little bit more busy as well as the shutdown.
Speaker 3 (09:31):
Right, it's definitely could delay.
Speaker 2 (09:39):
Verify whether your employer coverage is credible, especially if it's
less than twenty employees.
Speaker 3 (09:44):
You do have to.
Speaker 2 (09:45):
Get Medicare because Medicare becomes primary. Keep copies of your
application and confirming pages. Yes, definitely do that. Keep copies
of your current insurance, especially when you're sixty five and older,
because when you do apply for Medicare above sixty five,
(10:06):
then you will need proof that you had credible coverage.
Review your Social Security account regularly, your first status updates,
and then talk to a license insurance advisor or someone
like me before making coverage changes. So don't assume Medicare
will notify you automatically. It won't if you're not on
(10:29):
Social Security and roll in Part A, Yeah, do not
roll on Part A if you're contributing to an HSA.
People rely on retiring insurance or COBRA as a substitute
for Medicare Part B. Be careful on that because it
(10:50):
may not be credible and COBRA is not credible. You
miss your enrollment window and penalties are permanent, and then
forget to coordinate with your Medicare.
Speaker 3 (11:00):
Start day with your employed coverage and day right.
Speaker 2 (11:03):
You don't want to be without coverage. So let me
just kind of give you some examples of real life scenarios.
One client, Mark kept working past sixty five and thought
his company insurance was enough.
Speaker 3 (11:20):
When he retired at.
Speaker 2 (11:21):
Sixty seven, He didn't realize he needed to apply for
a Part B within eight months. By the time he
reached out, his lay triggered that twenty percent lifetime long penalty.
This goes with those on veterans insurance as a veteran.
(11:41):
Veteran coverage is not credible coverage, although the Part D
is if you turn sixty five on your veteran insurance
with the VA and then let's just say a couple
down yours later, when you're seventy or just older, or
(12:04):
you decide you want to get on Medicare, you will
be penalized that ten percent. Another client who's been applied
for Part A while still working and contributing to an HSA.
She didn't know that retroactive coverage would make her ineligible
for HSA deposits for six months prior. That caused a
(12:25):
tax headache, and that's what I mentioned earlier.
Speaker 3 (12:30):
So keep in.
Speaker 2 (12:30):
Mind that Social Security will backdate your part A six
months prior to your Part B, so if you were
contributing to the HSA in that time, then it is
definitely a headache to remove that deduction off your taxes.
(12:54):
So just keep that in mind. When you do retire,
stop your HSA six months prior to what your part
BE effective date is. So some other scenarios. I actually
just had one yesterday and where I met the couple,
I already had the wife's Medicare plan with the husband.
(13:17):
He's turning sixty five in November December. Sorry, So first,
he's usually when you apply for Medicare, you will get
the effective date on your birthday lunch, so it's December first. However,
because he has group insurance till the end of the year,
(13:38):
it might be better for him to start January first.
Speaker 3 (13:42):
So what we did is we added notes on there.
Speaker 2 (13:45):
But this one was a little bit complicated, so let
me share with you.
Speaker 3 (13:51):
First.
Speaker 2 (13:52):
Number one, you need to create a user ID and
password and logan dot gov or ID me, logan dot
gov is easier, so if you need to create that,
you put in your information. However, towards the end, they
(14:13):
all ask for a picture of your driver's license front
and back, and then you need to take a picture.
So with that picture, if you have glasses on, take
it off. It's if it was not on your driver's license.
That has been going fairly well in the last couple
of weeks, but I would say when they first started
(14:34):
doing that in the beginning of the year, it was
just such a headache.
Speaker 3 (14:38):
It was like five times we would have.
Speaker 2 (14:40):
To do it, and then if it's locked out, then
you'd actually have to go to the post office to
get that to get your ID, buy a post office worker. Okay,
so created a user ID and password. It's just kind
of like a strenuous.
Speaker 3 (14:59):
Process because it keeps asking you. We'll text you the code,
we'll email you the code, we'll call you with the code.
Speaker 2 (15:06):
So it's a lot of back and forth with that,
and I know, I get that there's a lot of
security and we need to be secure. Then there's like
some codes that you do have to save, so screen
a print shot it, screenshot it when you're on your
cell phone.
Speaker 3 (15:24):
So once if you.
Speaker 2 (15:25):
Finally get in and are ready to apply for Medicare,
the top things is make sure if you're not planning
to get Social Security, is not to check that button
that you're applying for your benefits on Social Security only Medicare.
With this case, he was not applying for Social Security.
(15:48):
And then there is a portion which it does ask
you where you were born. So in this case, unfortunately
I don't know for some reason why that country was
not on the drop down, so we have to put
like a known right and then we put the city.
Speaker 3 (16:07):
Got that out of the way. Nice thing is they haven't.
Speaker 2 (16:11):
Been asking for your date of naturalization. If you weren't
born in the United States. That was a big thing,
and sometimes people didn't have that date.
Speaker 3 (16:22):
Okay, So we go through.
Speaker 2 (16:24):
The whole thing, and then at the end, once we
submit it did ask for a birth certificate, and the
problem is you have to send the original birth certificate,
and in this case, his birth certificate was in a
(16:46):
different translation in a different country, so he will have to
get that translated by a certified body. So I know
people are very hesitant in sending original copies. And in
this case, if he didn't have his birth certificate, he
can send his certificate of naturalization. But also with that right,
(17:10):
you don't want to send it to but they do
promise that social Security will send it back. A couple
things to note. I've had clients go to the Social
Security office show them the original copy, and with me
telling my clients that they need to get the original,
this social security worker said, oh, no, worries, I'll just
(17:33):
take a copy.
Speaker 3 (17:34):
You take the original. Guess what?
Speaker 2 (17:37):
And he insisted but the worker, the social Security worker
also insisted that they'll take a copy. So comes back
home a week later, he gets a letter that basically
says we have to get the original copy. So my gosh,
like that would definitely irk me. But I am just
(17:58):
kind of telling you the real life scenario. So sometimes
you submit the application and everything looks good, and then
they will might ask for your birth certificate.
Speaker 3 (18:10):
I've had it.
Speaker 2 (18:11):
Where they've asked, you know, what your where you're what
city you were born was different than what you put on
the applications. I've seen that too, So you really have
to watch out for your mail or your email asking
for anything. And if it's going quite like a month
or two, I would definitely reach out to Social Security
(18:33):
to just follow up.
Speaker 3 (18:34):
With the status.
Speaker 2 (18:36):
We do that as a complimentary service to our clients,
our client or prospects that want to be our clients.
What are other things to note? Yeah, things could be
lost in the shuffle. I've had one couple that we
sent both applications at the same time with the forums
(18:59):
and the husband already got their Medicare part be effective
and the wife is still waiting.
Speaker 3 (19:04):
So you just never know.
Speaker 2 (19:05):
When I'm not trying to scare you in regards to
the process, it could definitely go smooth for you. And
I just feel like it's the look of the draw
on your certain situation. If everything on Social Security checks out,
if your Social Security worker is great and takes proactive measures,
(19:26):
just all these things just.
Speaker 3 (19:30):
Could be the look of the.
Speaker 2 (19:31):
Draw when you're applying for Social Security.
Speaker 3 (19:35):
So just kind of recap on that.
Speaker 2 (19:39):
When you do turn sixty five, you could apply for
both Part A and B if you don't have credible
group insurance like a company with more than twenty employees.
If you decide to stay on your group plan because
it is credible more than twenty employees, you can apply
(20:02):
for Part A if you are not contributing to HSA,
and if you do, just make sure when you apply
not to say that you want to apply for Part B.
If you decide not to do anything, which is fine,
or just the Part A. Just remember when you do
(20:22):
retire after sixty five, you will need to complete two
forms and one sent to HR to complete. You need
to make sure that it shows that you are have
worked and have credible coverage from sixty five. So if
you've worked at several places, you need a form for
each place, and then you have this form where you
(20:44):
complete and you could put like when you want it effective.
I would always just go three months before, just because
things just get so lost sometimes. I mean, sometimes clients
have a great experience. We apply two weeks later, they
get their Medicare card, and sometimes it takes months and
(21:07):
they don't have coverage, which is very unfortunate. So that's
why I stress the urgency in applying as soon as
possible the three months before, and then once you get
your Medicare card, and sometimes it's say snail mails, some
people don't even get their card right, we're able to
(21:28):
look if your Medicare is effective, So definitely give us
a call for that and we could help you with that.
But you know it doesn't stop there. Once you get
your Medicare card, Please give us a call and we
could help you enroll in a plan. Because we never
advise or suggest that you keep your original Medicare. There
are penalties for the party if you don't have a
(21:50):
drug plan and you just don't want to be caught
with having no coverage, which means you're paying so much
an arm and a leg. Some thing does happen to you,
So keep.
Speaker 3 (22:02):
That in mind.
Speaker 2 (22:03):
And like the biggest thing for me is like if
I did my job, showed you all the plans, gave
you all your options, I would hope that that.
Speaker 3 (22:14):
Person would like to enroll with me.
Speaker 2 (22:17):
So that's technically how I actually make my living. So
there's a lot of ins and out. There's a lot
of complications. If you ever need help with that, we
are definitely here to help you.
Speaker 3 (22:32):
I did touch up on IRMA.
Speaker 2 (22:34):
But remember the income related monthly adjustment is when you
make more than the standard in your income. So Medicare
social Security does look two years behind. So for twenty
twenty five, they're looking at twenty twenty three. And if
you make different thresholds, you will pay more in your
(22:58):
Medicare premium.
Speaker 3 (23:00):
I know it's unfortunate.
Speaker 2 (23:02):
This includes like taking money out of your four one
K your IRA converting.
Speaker 3 (23:08):
To roth IRA. Just also keep that in mind as well.
Speaker 2 (23:17):
Yeah, I practically help clients apply for Medicare every single day.
Typically takes me in like ten to fifteen minutes because
I do it so often, while clients it could take
maybe thirty an hour. But it really depends on how
savvy you are as well. So to wrap up, applying
(23:42):
for Medicare isn't one size fits all. Your timing, your
work status, and even your income all matter. Whether you're
applying for both Part A and B only Part A
adding Part B later, it's worth taking the time to
plant right. If you'd like help reviewing your personal Medicare
timeline or exploring your coverage options, my team at Premiere
(24:03):
three sixty Insurance and Financial Solutions is here to help.
Visit us at Premiere three sixty solutions dot com or
to get started ww dot review Mymedicare dot org. We'll
walk you through the process step by step and help
you avoid costly mistakes. I'm Jennifer Alfonso VLI. Thanks for
(24:28):
listening to Medicare three sixty, Stay informed, stay empowered, and
I'll see you next time.
Speaker 1 (24:36):
Thank you for joining the program Medicare at three sixty.
Hope you found today's episode insightful and empowering. Remember understanding
your Medicare options is key to making the right choices
for your health and financial well being. If you have
questions or topics you would like covered in future episodes
of Medicare three sixty, don't hesitate to reach out and
(24:59):
speak with our life licensed insurance agents. Until next time,
Stay informed and take charge of your health care journey.
This has been Medicare three point sixty, your trusted source
for all things Medicare. Take care
Welcome to Medicare three sixty, where the world of Medicare
is simplified and you are empowered to make informed healthcare choices.
With over two decades of experience and insurance and financial solutions.
With hosts licensed insurance agents Jennifer Lee, you are guided
through the ins and outs of Medicare, whether you are
(00:22):
nearing retirement, navigating your options, or just curious about what's available.
Everything you need to know is covered. Tune in for
knowledgeable insights, tips and answers to your Medicare questions so
you can take charge of your health and your future.
And now Medicare three sixty.
Speaker 2 (00:44):
Welcome to Medicare three sixty, where we simplify Medicare so
you can make confident and informed decisions. I'm your host,
Jennifer Alfonso Lee, certified long term care specialists and on
our premier three sixty insurance and financial solutions. Today we're
diving deep into something that trips a lot of people,
(01:07):
how to apply for Medicare. Whether you're about to turn
sixty five, working past retirement, or already have Part A
and wondering how to add Part B.
Speaker 3 (01:19):
We'll cover it all today, So.
Speaker 2 (01:21):
Grab your coffee take some notes, and let's make sense
of the Medicare application makes together.
Speaker 3 (01:29):
So let's start with the basics.
Speaker 2 (01:31):
Medicare is not automatic for everyone. Some people are automatically enrolled,
others have to take steps to sign up. If you
are already receiving Social Security or railroad retirement benefits before
you turn sixty five, you'll typically be automatically enrolled. In
(01:54):
both Part A and B, you'll get your red, white,
and Blue card about three months before your birthday month. However,
and this is the key, if you're not yet collecting
Social Security when you turn sixty five, you must apply
for Medicare manually through Social Security. That can be done
(02:15):
online at SSA dot gov slash medicare, by phone, or
in person at your local Social Security office. The only
thing with the Social Security offices is that most are
requiring you to set up an appointment before you actually
get into the Social Security office. Your initial enrollment period
(02:41):
is a seven month window, three months before you turn
sixty five and the month of your birthday, then three
months after you turn sixty five. The earlier you apply,
the smoother things go, because your coverage can start the
first day of your birthday month.
Speaker 3 (03:01):
Pro tip.
Speaker 2 (03:02):
If your birthday falls on the first of the month,
Medicare starts the month before. So if your birthday, let's
just say, is eleven to one, your Medicare will start
ten to one. So now let's talk about applying for
both Part A and B. Most people apply for both
(03:25):
at the same time when they're first eligible. Part A
generally doesn't have a premium because you or your spouse
paid into Medicare through payroll taxes, so if you're eligible
for part premium free Part A, there's no reason not
(03:46):
to take it. On the other hand, Part B does
have a monthly premium, which in twenty twenty five is
one seventy four and seventy seven for most people, but
could be higher depending on your income. That's where IRMA
(04:09):
comes in, and I will discuss that further. When you
apply for both parts, your coverage typically starts the first
day of your birthday month. Once your card arrives, you
can enroll in a Medicare advantaged plan, a Medicare supplement plan,
or a prescription drug plan Part D, depending on your
(04:32):
needs and budget. So some common mistakes people think that
applying for Medicare automatically gives you full coverage. It doesn't
original Medicare only covers about eighty percent of approved services,
and there's no.
Speaker 3 (04:50):
Cap on at a pocket cost.
Speaker 2 (04:53):
That's why most people add a supplemental or an advantaged
plan to fill in those gaps. So let's move to
a scenario I see all the time. You're sixty five,
but you're still working and have an employer coverage. Should
(05:13):
I apply for Part eight only, right, since it's at
zero costs?
Speaker 3 (05:19):
Usually yes.
Speaker 2 (05:20):
If your employee coverage is credible, meaning it's equal or
better than Medicares, and you work for a company with
twenty or more employees, you could safely delay Part B
without any penalty. Applying for Part eight only allows you
to have hospital coverage through Medicare in case you're hospitalized,
(05:45):
while keeping your employer insurance as your main coverage. However,
if you have a health savings account, you just say
this is a big red flag. Once you enroll in
any part of Medicare, including Part A, you cannot contribute
to your HSA anymore. Many people don't realize this, so
(06:08):
if you're actively contributing, it's better to delay Part A
until you stop those contributions. So, just on a.
Speaker 3 (06:15):
Side note, on that.
Speaker 2 (06:19):
It's because people say, like, why can't you contribute because
in social securities eyes, you're already kind of like semi retired.
So just make sure that you're not contributing to an
HSA if you do apply for Part A, and if
you are contributing HSA and still want to continue, do
(06:43):
not apply for Part A at all, because what happens
is if you're contributing, do have Part A, then when
you do your taxes come that time, you're.
Speaker 3 (06:56):
Going to have to do a lot of help. You
need help from your tax.
Speaker 2 (07:02):
Person to just make sure that it's calculated correctly on taxes,
and from what clients tell me, it's kind of it's
a pain, So just watch.
Speaker 1 (07:14):
Out for that.
Speaker 3 (07:16):
Now.
Speaker 2 (07:18):
What if you already have Part A and ready to
add Part B later on, you'll need to complete Form
CMS forty B that's the application for enrollment in Part
B and Form CMS L five sixty four, which your
employer fills out to confirm you had incredible coverage. These
(07:39):
forms can be semented by male facts or online through
Social Security. If you're retiring or losing group coverage, you'll
have an eighth month special enrollment period to apply for
Part B without penalty, but no, if you go beyond
eight months, you'll face ten.
Speaker 3 (07:56):
Percent penalty for every twelve.
Speaker 2 (07:58):
Month period you do lay enrollment without credible coverage, and
that penalty does last for life. So timing matters, especially
for people retiring midyear and transitioning off Cobra. Cobra is
not considerable credible coverage for dilaying Part B. That's another
big mistake I see often, So I would say, you
(08:21):
know what, if you lose your group coverage, just please
apply for Medicare right away. I've seen it where people
do wait, and yes, there is that eight month special
enrollment period, but for some reason Medicare still gives up
give that person that penalty, and it's just so much
harder to fight, right, to fight for that exception when
(08:45):
it's not really an exception. It's a rule, but you
just don't know. I would just have coverage once you
retire or get off your group plan. And remember Cobra
is not credible, So let's run through the deus and dontes.
(09:06):
That can save you a lot of stress. So do
apply early, ideally three months before your sixty fifth birthday.
The thing is, as it nears the end of the year.
Most people do want to get on Medicare when they
retire effect of January first, so Social Security is a
(09:27):
little bit more busy as well as the shutdown.
Speaker 3 (09:31):
Right, it's definitely could delay.
Speaker 2 (09:39):
Verify whether your employer coverage is credible, especially if it's
less than twenty employees.
Speaker 3 (09:44):
You do have to.
Speaker 2 (09:45):
Get Medicare because Medicare becomes primary. Keep copies of your
application and confirming pages. Yes, definitely do that. Keep copies
of your current insurance, especially when you're sixty five and older,
because when you do apply for Medicare above sixty five,
(10:06):
then you will need proof that you had credible coverage.
Review your Social Security account regularly, your first status updates,
and then talk to a license insurance advisor or someone
like me before making coverage changes. So don't assume Medicare
will notify you automatically. It won't if you're not on
(10:29):
Social Security and roll in Part A, Yeah, do not
roll on Part A if you're contributing to an HSA.
People rely on retiring insurance or COBRA as a substitute
for Medicare Part B. Be careful on that because it
(10:50):
may not be credible and COBRA is not credible. You
miss your enrollment window and penalties are permanent, and then
forget to coordinate with your Medicare.
Speaker 3 (11:00):
Start day with your employed coverage and day right.
Speaker 2 (11:03):
You don't want to be without coverage. So let me
just kind of give you some examples of real life scenarios.
One client, Mark kept working past sixty five and thought
his company insurance was enough.
Speaker 3 (11:20):
When he retired at.
Speaker 2 (11:21):
Sixty seven, He didn't realize he needed to apply for
a Part B within eight months. By the time he
reached out, his lay triggered that twenty percent lifetime long penalty.
This goes with those on veterans insurance as a veteran.
(11:41):
Veteran coverage is not credible coverage, although the Part D
is if you turn sixty five on your veteran insurance
with the VA and then let's just say a couple
down yours later, when you're seventy or just older, or
(12:04):
you decide you want to get on Medicare, you will
be penalized that ten percent. Another client who's been applied
for Part A while still working and contributing to an HSA.
She didn't know that retroactive coverage would make her ineligible
for HSA deposits for six months prior. That caused a
(12:25):
tax headache, and that's what I mentioned earlier.
Speaker 3 (12:30):
So keep in.
Speaker 2 (12:30):
Mind that Social Security will backdate your part A six
months prior to your Part B, so if you were
contributing to the HSA in that time, then it is
definitely a headache to remove that deduction off your taxes.
(12:54):
So just keep that in mind. When you do retire,
stop your HSA six months prior to what your part
BE effective date is. So some other scenarios. I actually
just had one yesterday and where I met the couple,
I already had the wife's Medicare plan with the husband.
(13:17):
He's turning sixty five in November December. Sorry, So first,
he's usually when you apply for Medicare, you will get
the effective date on your birthday lunch, so it's December first. However,
because he has group insurance till the end of the year,
(13:38):
it might be better for him to start January first.
Speaker 3 (13:42):
So what we did is we added notes on there.
Speaker 2 (13:45):
But this one was a little bit complicated, so let
me share with you.
Speaker 3 (13:51):
First.
Speaker 2 (13:52):
Number one, you need to create a user ID and
password and logan dot gov or ID me, logan dot
gov is easier, so if you need to create that,
you put in your information. However, towards the end, they
(14:13):
all ask for a picture of your driver's license front
and back, and then you need to take a picture.
So with that picture, if you have glasses on, take
it off. It's if it was not on your driver's license.
That has been going fairly well in the last couple
of weeks, but I would say when they first started
(14:34):
doing that in the beginning of the year, it was
just such a headache.
Speaker 3 (14:38):
It was like five times we would have.
Speaker 2 (14:40):
To do it, and then if it's locked out, then
you'd actually have to go to the post office to
get that to get your ID, buy a post office worker. Okay,
so created a user ID and password. It's just kind
of like a strenuous.
Speaker 3 (14:59):
Process because it keeps asking you. We'll text you the code,
we'll email you the code, we'll call you with the code.
Speaker 2 (15:06):
So it's a lot of back and forth with that,
and I know, I get that there's a lot of
security and we need to be secure. Then there's like
some codes that you do have to save, so screen
a print shot it, screenshot it when you're on your
cell phone.
Speaker 3 (15:24):
So once if you.
Speaker 2 (15:25):
Finally get in and are ready to apply for Medicare,
the top things is make sure if you're not planning
to get Social Security, is not to check that button
that you're applying for your benefits on Social Security only Medicare.
With this case, he was not applying for Social Security.
(15:48):
And then there is a portion which it does ask
you where you were born. So in this case, unfortunately
I don't know for some reason why that country was
not on the drop down, so we have to put
like a known right and then we put the city.
Speaker 3 (16:07):
Got that out of the way. Nice thing is they haven't.
Speaker 2 (16:11):
Been asking for your date of naturalization. If you weren't
born in the United States. That was a big thing,
and sometimes people didn't have that date.
Speaker 3 (16:22):
Okay, So we go through.
Speaker 2 (16:24):
The whole thing, and then at the end, once we
submit it did ask for a birth certificate, and the
problem is you have to send the original birth certificate,
and in this case, his birth certificate was in a
(16:46):
different translation in a different country, so he will have to
get that translated by a certified body. So I know
people are very hesitant in sending original copies. And in
this case, if he didn't have his birth certificate, he
can send his certificate of naturalization. But also with that right,
(17:10):
you don't want to send it to but they do
promise that social Security will send it back. A couple
things to note. I've had clients go to the Social
Security office show them the original copy, and with me
telling my clients that they need to get the original,
this social security worker said, oh, no, worries, I'll just
(17:33):
take a copy.
Speaker 3 (17:34):
You take the original. Guess what?
Speaker 2 (17:37):
And he insisted but the worker, the social Security worker
also insisted that they'll take a copy. So comes back
home a week later, he gets a letter that basically
says we have to get the original copy. So my gosh,
like that would definitely irk me. But I am just
(17:58):
kind of telling you the real life scenario. So sometimes
you submit the application and everything looks good, and then
they will might ask for your birth certificate.
Speaker 3 (18:10):
I've had it.
Speaker 2 (18:11):
Where they've asked, you know, what your where you're what
city you were born was different than what you put on
the applications. I've seen that too, So you really have
to watch out for your mail or your email asking
for anything. And if it's going quite like a month
or two, I would definitely reach out to Social Security
(18:33):
to just follow up.
Speaker 3 (18:34):
With the status.
Speaker 2 (18:36):
We do that as a complimentary service to our clients,
our client or prospects that want to be our clients.
What are other things to note? Yeah, things could be
lost in the shuffle. I've had one couple that we
sent both applications at the same time with the forums
(18:59):
and the husband already got their Medicare part be effective
and the wife is still waiting.
Speaker 3 (19:04):
So you just never know.
Speaker 2 (19:05):
When I'm not trying to scare you in regards to
the process, it could definitely go smooth for you. And
I just feel like it's the look of the draw
on your certain situation. If everything on Social Security checks out,
if your Social Security worker is great and takes proactive measures,
(19:26):
just all these things just.
Speaker 3 (19:30):
Could be the look of the.
Speaker 2 (19:31):
Draw when you're applying for Social Security.
Speaker 3 (19:35):
So just kind of recap on that.
Speaker 2 (19:39):
When you do turn sixty five, you could apply for
both Part A and B if you don't have credible
group insurance like a company with more than twenty employees.
If you decide to stay on your group plan because
it is credible more than twenty employees, you can apply
(20:02):
for Part A if you are not contributing to HSA,
and if you do, just make sure when you apply
not to say that you want to apply for Part B.
If you decide not to do anything, which is fine,
or just the Part A. Just remember when you do
(20:22):
retire after sixty five, you will need to complete two
forms and one sent to HR to complete. You need
to make sure that it shows that you are have
worked and have credible coverage from sixty five. So if
you've worked at several places, you need a form for
each place, and then you have this form where you
(20:44):
complete and you could put like when you want it effective.
I would always just go three months before, just because
things just get so lost sometimes. I mean, sometimes clients
have a great experience. We apply two weeks later, they
get their Medicare card, and sometimes it takes months and
(21:07):
they don't have coverage, which is very unfortunate. So that's
why I stress the urgency in applying as soon as
possible the three months before, and then once you get
your Medicare card, and sometimes it's say snail mails, some
people don't even get their card right, we're able to
(21:28):
look if your Medicare is effective, So definitely give us
a call for that and we could help you with that.
But you know it doesn't stop there. Once you get
your Medicare card, Please give us a call and we
could help you enroll in a plan. Because we never
advise or suggest that you keep your original Medicare. There
are penalties for the party if you don't have a
(21:50):
drug plan and you just don't want to be caught
with having no coverage, which means you're paying so much
an arm and a leg. Some thing does happen to you,
So keep.
Speaker 3 (22:02):
That in mind.
Speaker 2 (22:03):
And like the biggest thing for me is like if
I did my job, showed you all the plans, gave
you all your options, I would hope that that.
Speaker 3 (22:14):
Person would like to enroll with me.
Speaker 2 (22:17):
So that's technically how I actually make my living. So
there's a lot of ins and out. There's a lot
of complications. If you ever need help with that, we
are definitely here to help you.
Speaker 3 (22:32):
I did touch up on IRMA.
Speaker 2 (22:34):
But remember the income related monthly adjustment is when you
make more than the standard in your income. So Medicare
social Security does look two years behind. So for twenty
twenty five, they're looking at twenty twenty three. And if
you make different thresholds, you will pay more in your
(22:58):
Medicare premium.
Speaker 3 (23:00):
I know it's unfortunate.
Speaker 2 (23:02):
This includes like taking money out of your four one
K your IRA converting.
Speaker 3 (23:08):
To roth IRA. Just also keep that in mind as well.
Speaker 2 (23:17):
Yeah, I practically help clients apply for Medicare every single day.
Typically takes me in like ten to fifteen minutes because
I do it so often, while clients it could take
maybe thirty an hour. But it really depends on how
savvy you are as well. So to wrap up, applying
(23:42):
for Medicare isn't one size fits all. Your timing, your
work status, and even your income all matter. Whether you're
applying for both Part A and B only Part A
adding Part B later, it's worth taking the time to
plant right. If you'd like help reviewing your personal Medicare
timeline or exploring your coverage options, my team at Premiere
(24:03):
three sixty Insurance and Financial Solutions is here to help.
Visit us at Premiere three sixty solutions dot com or
to get started ww dot review Mymedicare dot org. We'll
walk you through the process step by step and help
you avoid costly mistakes. I'm Jennifer Alfonso VLI. Thanks for
(24:28):
listening to Medicare three sixty, Stay informed, stay empowered, and
I'll see you next time.
Speaker 1 (24:36):
Thank you for joining the program Medicare at three sixty.
Hope you found today's episode insightful and empowering. Remember understanding
your Medicare options is key to making the right choices
for your health and financial well being. If you have
questions or topics you would like covered in future episodes
of Medicare three sixty, don't hesitate to reach out and
(24:59):
speak with our life licensed insurance agents. Until next time,
Stay informed and take charge of your health care journey.
This has been Medicare three point sixty, your trusted source
for all things Medicare. Take care
Popular Podcasts
Las Culturistas with Matt Rogers and Bowen Yang
Ding dong! Join your culture consultants, Matt Rogers and Bowen Yang, on an unforgettable journey into the beating heart of CULTURE. Alongside sizzling special guests, they GET INTO the hottest pop-culture moments of the day and the formative cultural experiences that turned them into Culturistas. Produced by the Big Money Players Network and iHeartRadio.
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.