Signing up for Medicare A and B

Signing up for Medicare A and B

We want to give you some help when you are Signing up for Medicare A and B.  This can be a stressful time for some people with all the mail and calls they receive.

• Medicare A and B will begin the first of the month someone turns 65 years old.
• If you receive social security payments for at least 4 months before the month you turn 65, you will get Medicare A and B automatically.  Those not receiving payments will need to sign up for A and B online or at the local social security office.
  • If you have not been receiving Social Security payments for the 4 months before you turn 65, you will need to sign up for both A and B.  You will not get it automatically.
  • Here is the link for those that need to sign up  CLICK HERE TO SIGN UP FOR MEDICARE ONLINE  The online enrollment is simple and only takes about 15 to 20 minutes
  • Please Note:  If you are past the age of 65 and want to sign up for Medicare part B, it cannot be done online.  You must go to the local social security office to sign up.  We suggest that you call the office first to make an appointment.

• Signing up for Medicare A and B – Medicare billing for part B

  • If you are already receiving Social Security payments, the part B premium will be deducted from your SS payments.
  • If you currently do not not receive Social Security payments, you will be billed quarterly for part B.  Medicare will allow you to pay the premium automatically if you fill out a form to set it up.

Signing up for Medicare A and B – Who should enroll in Medicare Part B

• If someone is working and receiving health benefits through work or if they receive health benefits through a working spouse, they do not need to sign up for part B of Medicare. (Assuming they will continue to get work benefits)
• If either they or the spouse they get benefits through stops actively working, they need to sign up for Medicare Part B.  Note: Those with groups of less than 20 employees may need to sign up for part B when they turn 65 regardless of work status.
  • Retiring is a special election for Medicare Part B.  You will need to take a completed Employment verification form to the Social Security office to sign up for B.  The effective date will be the first of the month after you retire.
  • If you are still actively working but no longer receive coverage, that is also considered a special election to sign up for Medicare Part B.
  • You have an 8 month window to sign up for Part B.  The 8 months start from the date you either retire or lose coverage
  • If you fail to sign up for part B under either of the scenarios above, it will result in a  Part B penalty  The penalty is 10% of part B premium for every 12 months you did not have part B. If you delayed part B enrollment and missed your special election period, you should sign up during the Medicare Part B general enrollment period.  The general enrollment is  from Jan 1 through March 31  to sign up for a July 1 start date. Those that miss the general enrollment will need to wait for the next general enrollment to sign up unless they qualify for a special election period,
• click here for employment verification form.

• According to Medicare, someone employed by a group with less than 20 employees needs to sign up for both Medicare A and B at age 65.  This is true even if you have health coverage from work and are still working.  In reality, I have had a number of people who work in groups less than 20 delay part B.  Those people have not paid a penalty when they enrolled in B later down the road.  They also did not have any issue with the special election to enroll in B.  Regardless, the Medicare rule says they should enroll when turning 65.  It is up to you how you choose to proceed in this situation.

• Those with Medicare A and/or B are advised not to contribute to an HSA account. If you are selected for an audit, you may be receive a penalty.  This means your contributions are included in your taxable income. You will also pay a 10% penalty on the contribution.

If you want to get a quote for Medicare Advantage or Supplement plans, click here.