If you are turning 65 this year, and you haven’t yet joined the “Social Security Club”, then this is your year to enroll. The questions that you will encounter in this process are presented below with a few typical answers.
- When do I qualify for full retirement benefits?
People who turn 65 during 2009 will not qualify for full retirement benefits until they reach age 66. You can choose to start benefits earlier, but you will pay a hefty penalty for that choice. You can assess your retirement benefits using the BEST calculator for Social Security Benefits. - Why should I enroll this year if I don’t qualify for full retirement benefits until next year?
Although those born 1944 do not qualify for full retirement benefits until they reach age 66 during 2010, Medicare benefits still begin at age 65. - Do I need to register for Medicare if I am still covered by my company’s health plan?
You need to check with your company’s health plan. Their plan may revert to a Medicare supplement when you turn 65. - When, during this year, should I enroll with the Social Security Administration?
Typically, you should sign up for Medicare about three months before you turn age 65. This allows time for your records to be fully activated prior to your birth date. - Medicare has different plans, A, B, C and D. What is the difference?
These letters represent the different parts or plans in Medicare.- Part A is Hospital Insurance that the government pays.
- Part B is Medical Insurance for visits to doctors that you must pay monthly to be enrolled.
- Part C is the HMO/PPO type of non-government private plan, called “Medicare Advantage”, that you must pay for monthly.
- Part D is the prescription drug insurance for which you must pay monthly.
- What is the difference between traditional Medicare, the new Medicare Advantage Plans, and the Medigap plans?
- The traditional Medicare plan is a government program whose benefit amounts are set by the government program. Physicians accepting Medicare patients are also agreeing to accept the Medicare benefit amounts as their payment. Seniors can choose their own doctors and hospitals with traditional Medicare.
- Medicare Advantage works either like an HMO, where you use assigned doctors and hospitals, or a PPO, where you select from a list of pre-approved doctors and hospitals. Although subsidized by government payments, these are private plans that set their own rules.
- Today, most seniors still select the traditional Medicare program. Some will supplement that with a private Medigap policy which provides coverage for the few things that Medicare doesn’t cover. The coverage provided by these policies is strictly formalized by Medicare, i.e. F-level coverage from two different companies must provide identical benefits.
- What is this November 15th - December 31st enrollment period that I hear about?
Each year, people enrolled in the Part D (Drug) program may change to another plan or provider without penalty. It is called the Free Enrollment Period. - If I do nothing, what happens?
Obviously, you will receive no benefits. In addition, if you change your mind and decide to enroll later, you may be assessed some penalties. The website of the Social Security Administration offers a number of other answers about Medicare.
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March 20th, 2010 at 3:16 pm
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