If you are turning 65 and have Obamacare health insurance, BE SURE TO CANCEL YOUR OBAMACARE PLAN!
I was talking to a woman today who turned 65 in May. She was already collecting Social Security so she was automatically enrolled into Medicare for May 1st. I guess she figured, since she was getting her Medicare that she did not need to cancel her individual health insurance – she just stop paying the premium.
Wrong move! Now she owes the government $1,300.
Because she did not cancel her Obamacare health insurance, the government kept paying the insurance company the subsidy for her premium. She did not pay her part of the premium, but the government paid its part. And now the government wants that money back.
You would think the government and the insurance company would know that a person who turns 65 is moving onto Medicare and would auto cancel the individual health insurance. But no! That does not happen.
If you are turning 65 and have Obamacare, be sure to cancel your plan.
You will get on Medicare on the first of the month you turn 65 and you MUST drop your individual health insurance.
How you enroll in Medicare depends on your current situation related to Social Security.
1) If you are receiving Social Security payments, you will automatically be enrolled in Medicare A and B. Part B has a monthly premium which will be deducted from your Social Security check at the start of the month in which you turn 65. Your Medicare card will be sent to you three months before your birthday month.
2) If you are not drawing Social Security payments, you will need to contact Social Security to tell them you want Part B.
Enroll on line by going to to Medicare.gov. You will also need to make arrangements to pay your Part B premium, which is $134 per month in 2017. If your income is above $85,000/year, you will pay a higher Part B premium.
You should make sure you are signed up for Medicare three months before you turn 65.
Choosing your Medicare coverage:
Once you’ve got your Medicare card, you need to choose your Medicare coverage.
- Will you have only Medicare? (A financially risky choice.)
- Will you get a Medicare supplement and a stand-alone Part D plan?
- Will you enroll in a Medicare Advantage plan that includes Part D drug coverage?
Call or email me and I can answer your questions and get your signed up for the coverage that best suits your needs.