billy@global-connect.com
February 27, 2020
Do you need more information about Medicare Open Enrollment? When will it happen for you? What do you need to do during your open enrollment? This post should help remove any confusion:
This post is about Medicare Open Enrollment. What is it, how does it work and why it’s important to you? Your Medicare open enrollment is tied to when your Part B of Medicare starts. For most individuals, your Part B of Medicare will begin on the first day of the month that you turn age 65.
However, there will also be some individuals, who at the age of 65 are still working and have been able to delay or wait to get Part B of Medicare until sometime in the future when they do retire.
In either case, whenever you turn 65 or whenever you do enroll in Part B of Medicare after the age of 65, that is when your open enrollment will begin.
Your Medicare open enrollment is a one-time opportunity. It is a six month period. During your six-month Medicare open enrollment period, there are a number of things that you can do, such as:
Enroll in a secondary Medicare supplement plan
Enroll in a Medicare advantage plan
Enroll in a stand alone Part D prescription drug plan
Medicare Supplement – No Health Questions
During your Medicare open enrollment, you have the option and the convenience to choose any Medicare supplement policy with any insurance company and you will not be required to answer any health questions. There will be no underwriting. You will have a guaranteed yes to your application.
For many individuals, this may not be an important issue. You may be very healthy and would be able to answer health questions and go through underwriting and receive an approval anyway.
However, there certainly are individuals who, for one reason or another, will want to take advantage of your open enrollment and get a Medicare supplement plan without having to answer any health questions.
Part D Prescription Drug Plans
If you do have Part A and Part B of Medicare as your main coverage and you do elect to get a secondary Medicare supplement plan, then you will also have the opportunity to get a Part D prescription drug plan to assist you in the cost of your prescription medications
If you decide to get a Medicare Advantage plan, which is a network policy, most of the Medicare Advantage plans do include some type of prescription coverage.
Medicare Part B
Next, we are going to discuss and explain how you sign up for Medicare Part B.
If you start Medicare Part B at age 65, and
If you are already receiving Social Security – NO action needed
If you are going to turn 65 in the near future and you are already receiving Social Security, you will automatically get Part A of Medicare and you will also automatically be signed up for Part B of Medicare.
If you are NOT receiving Social Security – action IS required
However, if you are turning 65 in the near future and you have not yet started receiving Social Security, you will need to contact Social Security to let them know that you do want to get Part B of Medicare when you turn 65.
If you start Medicare Part B after age 65
In the other example that we mentioned previously, if an individual has decided to keep working age 65 and because their group plan continues to be their primary coverage, they have been able to delay getting Part B of Medicare.
In this scenario, there are a couple of extra steps that you’re going to need to take to get Part B of Medicare.
Step 1 – Employer Information Request Reform – Form CMS-L564
The first step in this the process is you will need to take Form CMS-L564 to your employer and have them fill this out for. This allows you to demonstrate that you have had creditable coverage elsewhere and will allow you to get Part B at a later date without having to incur any late enrollment penalty.
You can download this form HERE.
Step 2 – Application for enrollment in Medicare Part B – Form CMS-40B
The second form that you’re going to need to get and fill out and bring to the Social Security Department is Form CMS-40B. You will explain to them that you are ready to start Part B of Medicare that you have had creditable coverage and that you want to start your Part B at a future date.
You can download this for HERE.
That explains the Open Enrollment Period. I hope that this information has been helpful.
If you have any questions about this subject or would like to speak to us about any of your Medicare needs in regards to Medicare supplement, Medicare Advantage or Part D prescription drug plans, I would certainly be very happy to speak with you.
I am an independent agent specializing in the senior market. I would be very happy to look at your current coverage and compare it to the marketplace to make sure that you are still getting a good value.
My services to you will always be FREE.
Billy Williams
800-499-1942
MedicareHealthInsuranceOptions.com
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