Medicare Insurance | Part A, B, C, D Plans & Enrollment Help – Econo Agency

⚖️Eligibility and Enrollment Periods

Eligibility:

Age 65 or older, or meet certain conditions

Enrollment Periods:

Initial Enrollment Period (IEP): 7 months around your 65th birthday
General Enrollment Period (GEP): Every year from January 1 – March 31; coverage begins the following month
Annual Enrollment Period (AEP): Every year from October 15 – December 7 (you can change plans)
Special Enrollment Period (SEP): Triggered by specific events such as retirement, loss of employer coverage, or moving

Late Enrollment Penalties:

Part B: 10% increase in premium for every 12 months you delay enrollment
Part D: If you go without drug coverage for 63 or more days, you may pay a 1% penalty per month without coverage

💵Medicare Costs

Eligibility:

Age 65 or older, or meet certain conditions

Enrollment Periods:

Initial Enrollment Period (IEP): 7 months around your 65th birthday
General Enrollment Period (GEP): Every year from January 1 – March 31; coverage begins the following month
Annual Enrollment Period (AEP): Every year from October 15 – December 7 (you can change plans)
Special Enrollment Period (SEP): Triggered by specific events such as retirement, loss of employer coverage, or moving

Late Enrollment Penalties:

Part B: 10% increase in premium for every 12 months you delay enrollment
Part D: If you go without drug coverage for 63 or more days, you may pay a 1% penalty per month without coverage

❓Frequently Asked Questions

Q1. I still have employer coverage. Do I need to enroll in Medicare?
👉 Part A: Usually free, so many people enroll; however, be cautious if you have an HSA account.
👉 Part B: If your employer coverage is considered creditable, you can delay Part B without a late penalty.
👉 Part C/D: If your current plan is creditable, you can delay enrollment without penalties.

➡️ When your employer coverage ends, you can enroll through a Special Enrollment Period (SEP) without penalties.

Q2. If my spouse enrolls in Medicare, am I automatically covered too?
👉 No. Medicare is individual coverage. Each spouse must qualify separately.

Q3. Will my Medicare costs change if I have higher income?
👉 Yes. Part B and Part D premiums may include an additional charge called IRMAA (Income-Related Monthly Adjustment Amount).

Q4. Is Original Medicare enough, or do I also need Medigap?
👉 It depends on your situation. Original Medicare (Parts A + B) leaves out-of-pocket costs. If you want extra protection, you can consider Medigap or a Medicare Advantage plan.

Q5. What is the difference between Medicare Advantage (Part C) and Medigap?
👉 Medicare Advantage (Part C): Private plans that combine Parts A and B, often with extra benefits like dental, vision, or prescription coverage.
👉 Medigap: Supplemental insurance that helps cover the out-of-pocket costs Original Medicare does not pay.

➡️ You cannot have both at the same time.

Q6. Does Medicare automatically include prescription drug coverage (Part D)?
👉 No. Part D must be enrolled in separately. If you delay, you may face a late enrollment penalty.

Q7. What happens if I enroll late?
👉 Part B: 10% penalty added to your monthly premium for every 12-month delay.
👉 Part D: 1% penalty per month without drug coverage, added to your premium.

Q8. Can I use Medicare outside the United States?
👉 No. Original Medicare generally does not cover medical care abroad. You may need additional coverage or international health insurance.

Q9. If my employer coverage ends before retirement, can I switch to Medicare right away?
👉 Yes. You can enroll immediately through a Special Enrollment Period (SEP) once employer coverage ends.