Since 1992
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By Michael Newsom
WJ Wheeler Insurance Agency
So your 65th birthday isn’t too far off. Have you started planning the next steps?
Some folks think you become eligible for Original Medicare (Part A & B) on your 65th birthday, but it actually begins the first of that month. If you have individual health insurance coverage currently, you are required to leave that plan and go to Medicare as soon as possible.
If you have employer coverage you have the option to stay with your employer coverage or join Medicare. You have to make the decision prior to your birthday.
Here are some steps we recommend taking.
STEP 1: Enroll in Original Medicare (Parts A & B) four months before your 65th birthday (or when your employer coverage will end). You can enroll online at www.ssa.gov/medicare/ and you can enroll by calling Social Security at 1-800-772-1213 from 7 a.m. to 7 p.m., Monday through Friday. There is a premium for Part B. This premium is deducted from your Social Security check monthly or billed quarterly.
STEP 2: One in five retired individuals qualifies for financial help with premiums and out of pocket costs. We recommend you discuss your eligibility for financial help with a Social Security representative. You can also apply online at www.ssa.gov/extrahelp.
STEP 3: Become familiar with Medicare coverage
* For an informative 6-minute video on Medicare, visit www.wjwheeler.com and look under Life & Health > Medicare Solution * Visit www.Medicare.gov to learn more. * For more information about Medicare Supplement plans and rates, search www.Maine.gov for “Medicare Supplement”.
You can also attend one of our monthly Introduction to Medicare seminars. We’ll discuss Original Medicare (Parts A & B), Part C (Medicare Advantage), Part D (Drug Plans), and Medicare Supplement.
Here is the calendar of upcoming seminars:
* Wednesday, Oct. 24, 10 a.m., 1 Parkway, Suite 101, Bethel
* Wednesday Oct. 24, 6 p.m., Telstar High School, Bethel
* Tuesday Oct. 30, 6 p.m., 15 Market Square, South Paris
* Every Wednesday from Oct. 31 through Nov. 28, 10 a.m., 15 Market Square, South Paris
STEP 4: Once a Medicare card arrives, contact us for an appointment to review needs and consider different options.
What factors should you consider when you choose a plan? We recommend you consider your health status, your financial status, where you need access to a broad network of providers, and the medications you need coverage for.
The most common Medicare Solution is either a Medicare Advantage plan (including prescription drug coverage) or a Medicare Supplement plan with a stand-alone prescription drug plan. Some of these options carry no additional cost, so you should absolutely add something to your Original Medicare plan.
Maybe you’ve been on Medicare for a while now and want to see what the options are now? Remember that you can change your plan each year during the annual election period from Oct. 15 to Dec. 7. A
— Michael Newsom, WJ Wheeler Insurance Agency, www.wjwheeler.com 207-743-8927 207-824-2580. Our Promise to you: As your trusted advisor, we will design and maintain an affordable, customized insurance plan for you from a choice of insurance companies
