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Typically , most Americans become eligible for Medicare benefits when they turn 65 . However , the process differs depending on whether you currently receive Social Security benefits .

Enrollment period

First , it ’ s essential to understand your Medicare enrollment periods . When you turn 65 , you have an initial enrollment period of three months before the month in which you turn 65 , the month you turn , and the three months after it .

After that , the Medicare open enrollment period lasts from Oct . 15 through Dec . 7 every year . If you want to enroll in a new Medicare program — for example , in a Part C ( Medicare Advantage ) or Part D ( prescription drug ) plan — you must do so between these months or you will have to pay the penalty in the form of a higher premium .

If you enroll in a plan during the fall open enrollment period , coverage starts on Jan . 1 .

If you already receive Social Security benefits

If you are already receiving Social Security benefits , you will automatically be enrolled in Medicare Part A , which provides basic hospital insurance , and Part B , which covers doctors ’ fees , lab fees , and durable medical equipment .

You don ’ t need to take any action or contact anyone . Three months before your 65th birthday , you should receive a package in the mail with a Medicare card and a letter explaining the enrollment process .

Your monthly Part B premium will be automatically deducted from your Social Security check when your coverage begins . You do not have to take Part B if you don ’ t want it . However , if you have a low income , you may be able to qualify for a reduced Part B premium .

Most planners don ’ t recommend opting out of Part B unless you are covered under an employer ’ s medical insurance plan . If you do nothing , you will be automatically enrolled in Part B . Otherwise , you will not be able to enroll in Part B without paying a much higher premium for late enrollment .

Note : If you are covered by an employer plan and are considering opting out of Part B , contact your employer ’ s HR professional and opt out if your employer plan is the primary insurer . If it is not the primary insurer , you may want to remain enrolled in Part B .

RUNNING A BUSINESS IS HARD WORK — WE ' LL FOCUS ON PROTECTING IT .

If you don ’ t yet receive Social Security benefits

If you are covered by an employer ’ s plan either via your workplace or your spouse ’ s , you may wish to delay applying for Medicare . If you are not receiving Social Security benefits yet , you will need to take proactive steps to enroll in Medicare . To do so , contact your local Social Security office . You will not be penalized if you are covered by an employer ’ s plan . However , COBRA coverage does not count as credible coverage for this purpose . If you are only covered by a COBRA plan from a former employer , you will not want to miss the next Medicare open enrollment period .

Note : For most people , Medicare pays for only about half your actual medical costs after you account for copays and deductibles . For additional protection , you may want to enroll either in a Medicare Advantage plan or a Medigap plan , both of which provide additional coverage in exchange for a monthly premium .

If you want prescription drug coverage , you can also enroll in Medicare Part D or elect a Medicare Advantage plan that includes such coverage .

Contact us at 412.655.4432 for details or to design a combination of Medicare and Medigap policies that works for you .

NEED HELP FINDING A MEDICARE PLAN THAT BEST SUITS YOUR NEEDS ? Give us a call for no-cost assistance .

We offer plans through various carriers , including UPMC , Highmark , Aetna , and United Healthcare .

Cusumano Insurance , a local family-owned business , has been serving the Pittsburgh area since 1958 . The agency represents several insurance companies offering various options for your personal and business insurance needs . Its experienced staff are creative problem solvers who help find the suitable insurance companies , products and discounts to meet your specific needs . Give them a call today for a free insurance review .

This Industry Insight was provided by :

Joann Cusumano Sciulli , AAI Agency Principal

Rosann Cusumano Elinsky , AAI , LUTCF Agency Principal

178 Clairton Blvd Pittsburgh PA 15236 412-655-4432

contactus @ cusumanoinsurance . com www . cusumanoinsurance . com Like us on Facebook

Cusumano Insurance Agency , Inc . • 178 Clairton Blvd • Pleasant Hills , PA 15236