Each retiree’s health plan needs are different. So, it is important to think about what you want in a plan before signing up for Medicare.
Where to Start?
Here are some questions to consider as you start your search:
- How do I evaluate monthly plan premiums?
- Are my drugs covered under the plan?
- Will I be covered if I travel outside of my home state?
- Am I enrolled in Medicare Part B?
- Are my doctors in the plan’s network?
What to Do if You Are Turning 65 and Retiring
If you are a retiree who is turning 65, you have an Initial Enrollment Period (IEP) that is seven months long. During this time, you can evaluate all of your options and enroll in the plan that’s right for you.
Your IEP begins three months before your 65th birthday, continues through the month of your 65th birthday and goes to three months after you turn 65. In order to sign up for a Medicare Supplement or Medicare Advantage plan, you must be enrolled in Medicare Part B.
What to Do If You are Over 65, Still Working and Considering Retirement
When you come off of employer coverage to go onto Medicare, you will have a Special Election Period to evaluate your Medicare options and enroll into an individual plan.
Special Election Periods can vary depending on your specific situation. So, if you are considering retirement, please call us at 1-866-600-5638! Our Benefit Advisors can help answer your questions and talk through your options.
What to Do if You Are Over Age 65 and Already on a Medicare Plan
Each year in September, you should receive your Annual Notice of Change (also referred to as the ANOC) from your insurance company.
In order to make a smart health plan decision, you should review your ANOC and make sure you understand what it says. This is because during Medicare’s Annual Enrollment Period, you will have the opportunity to switch plans if you wish.
Medicare’s Annual Enrollment Period is from October 15 to December 7. This is your chance to switch Medicare Advantage or Part D Prescription drug plans for the coming year.
If you have chosen to enroll in a new plan, your new health coverage will take effect on January 1. If you decided to remain on your current plan, you do not need to do anything. Your plan will automatically renew and the changes outlined in your ANOC will take effect January 1.
Question? We Can Help!
These are general guidelines, but each individual’s situation and needs are different. Give our experts a call at 1-866-600-5638 or email us at firstname.lastname@example.org to talk about your unique situation and to get answers! We look forward to helping you!