Did you know that 78 million baby boomers turned 65 on January 1, 2011? In addition to this, another 10,000 boomers will reach this age between now and 2030. That is truly a lot of people turning 65. If you are one of these individuals, you are going to have to make some serious decisions about your future health care coverage. One decision you will have to make is if you want to sign up for Medicare or not. Some people feel like they are being forced into this federally-designed coverage, but they really aren’t.
You Likely Qualify For Part A For Free
First, you should know that there are several coverage options available when it comes to Medicare. This is the Part A, B, C, and D. Part A is what is known as the “hospital insurance”, as it covers expenses incurred during inpatient visits. The good thing about this part of the coverage is that it is likely available to you without the charge of a monthly premium. If you worked in the United States for ten years or longer and paid Medicare taxes, you will be exempt from the monthly premiums. So, why now go ahead and sign up?
Late Fees And Penalties Will Apply
There are strict enrollment periods, as well as missed deadline fees and penalties that are involved if you miss the enrollment deadlines. Not only will fees be imposed, but also when you do sign up the missed deadlines will cause your premiums to be higher.
Generally, you will have until three months after your 65th birthday to enroll. You begin the enrollment process as early as three months before your 65th birthday. Click for info if you need assistance enrolling. There are trained independent agents available that can assist you with the enrollment process. If you have insurance through an employer at the age of 65, you will not have to worry about these fees and penalties. However, there will also be a deadline once that insurance coverage expires.