May Medicare Must-Knows

By RetireMEDiQ

RetireMEDiQ strives to keep individuals informed about the latest Medicare news. Each month, we recap the top information consumers need to know about recent developments in the Medicare industry and how it may affect you.

The Coronavirus Impact: Continued Coverage

Last month, we created a special series dedicated to helping you stay safe and informed during the COVID-19 pandemic. We continue that coverage this month with new headline-generating updates. Check the RetireMEDiQ blog for updates as we continue to monitor the news, or begin by exploring our existing coverage below:

Change in Your Retirement Plans? Here’s What You Need to Know

In the past six weeks, more than 30.3 million Americans have claimed unemployment benefits, making this the worst employment crisis in US history. Your retirement plans may have changed over the past few months as the nation responds. If your retirement was on the horizon, you may have been forced into an earlier-than-planned retirement due to cutbacks and layoffs. On the other side, dips in the economy may be impacting your retirement funds, forcing you to work longer than expected. Either way, it’s important to know the key dates and deadlines for Medicare enrollment to avoid penalties, fines, and your eligibility period. If you are now without employer health insurance and need to enroll in Medicare, explore our New to Medicare resources. If you worked past age 65, you can start your research here. If you are now thinking about your retirement and haven’t yet determined what will work best for you, we have plenty of materials available for those who are Considering Retirement.  

Medicare Part B Coverage Delays due to COVID-19 Closures

If you have not yet enrolled in Medicare and were planning to enroll this spring, you may be feeling anxious about the pandemic’s impact on your ability to obtain important Medicare coverage, particularly for Medicare Part B. Concern regarding enrollment stems from the closures of many Social Security offices across the nation, as those offices determine your eligibility for Medicare. For most applications, the closure will not impact coverage and issues can be resolved online; however, if your application requires personal assistance, you may face delays in connecting with the Social Security office through its phone lines. Some individuals are reporting delays of over 90 minutes just to speak with someone to learn more about their issue. Appointments are being made in some regions, but you will need to call ahead and see if your local office is accepting appointments and, if so, schedule an appointment. Failure to enroll in Medicare Part B during your eligibility period can result in late-enrollment penalties and fines, so be sure to reach out for assistance.  If you need to enroll in Medicare and are concerned about the enrollment process, RetireMEDiQ can help. 

Economic Stimulus Payments & Social Security: You May Qualify

Social Security recipients may still be eligible to receive the economic stimulus payment approved by Congress in April. The economic relief payments will amount to $1,200 for those who earn $75,000 or less, and $2,400 for couples making $150,000 or less, and the amount will be calculated based on the latest tax return information. Non-filers, or individuals who typically do not file tax returns, may still qualify. This includes individuals who receive government assistance such as Social Security benefits, Supplemental Security Income, and/or veterans benefits. Payments are already being dispersed to households across the country. You can find out more about your eligibility and the status of your payment on the IRS website

Our Commitment to You

At RetireMEDiQ, we remain committed to providing you with the Medicare and health plan support you need during the COVID-19 pandemic and beyond. Our team’s priority is to always do the right thing for you.

We are here for you when you need us! Please know that we’re only a phone call or email away. In order to ensure you receive the support you need from our team, we have made a pledge that there will be no layoffs at RetireMEDiQ.

We’re in This Together

As a result of Ohio’s “Stay at Home” order, our employees are currently working from home. We appreciate your patience and understanding, as you may hear children or pets in the background when you contact us via phone.

Our focus has and always will be our clients, our employees and our community. We will get through this challenging time together. From our family to yours, we wish you safety and good health! 

If you have questions about anything covered in this post, please comment below, call our team of Client Advisors at 1-877-222-1942 or email us at client@retiremediq.com.

If you are not yet a RetireMEDiQ client and have questions about what this may mean for you as you approach retirement, contact our team of expert advisors at 1-855-981-8611.

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