Medicare is available to most individuals at the age of 65. Medicare coverage is made up of 3 required elements:

1. Part A (hospital coverage) : $0 per month for most individuals*
2. Part B (doctor coverage) : $134 for most individuals*
3. Part D (prescription coverage) : Prices vary depending on plan enrollment

Along with the required parts of Medicare most members add a secondary coverage, either a HMO or a PPO option. It’s extremely important to know the timelines for Medicare eligibility as Medicare imposes LIFETIME PENALTIES if enrollment is not completed when it is required.

* Part A is $0 to individuals who have paid Medicare taxes for the required amount of quarters in their lifetime. Members who have not can be subject to paying a monthly premium for Part A. Also some members who have larger incomes in a higher tier are known as ‘high wage earners’ and are subject to paying more for Part B & D of Medicare. The Social Security Administration will confirm the Part A, B, & D premiums for all members.

When should I think about Medicare?
We recommend that individuals begin thinking about Medicare when they turn 62. It is important to understand and consider the costs involved with Medicare in regards to retirement timelines. We can discuss a specific strategy in the beginning phase and help make your Medicare transition as smooth as possible!

What if I am still working a full time job and have insurance with my employer?
Many people work past 65 and we can help you understand your options that you need to pay attention to. Some important aspects that need to be considered in this situation are the following

• Do you have a HDHP medical plan with a HAS savings account?
• Are you a high income earner?
• Is your current plan “creditable coverage” for Medicare Part D? (Part D is the prescription drug portion of Medicare)
• When should l sign up for Medicare if I want to delay enrollment?
• Should you take Cobra coverage if offered before going to Medicare?

Beware! Get the facts!

Call us for a personal consultation.