1) What steps do I need to take in order enroll in a Medicare Advantage Plan or Medicare Supplement Plan?
- Ensure that you have enrolled in Medicare Part A & Part B.
- You can Enroll in Medicare Part A & Part B online via Social Security (SSA.gov) three months prior to the month of your 65th birthday. Or, call SSA at 1-800-772-1213. This is your Initial Enrollment Period.
- Determine if you qualify for low-income assistance.
- Contact one of our Licensed Medicare Insurance Agents/Brokers at Kelley Services, Inc.
2) What if I miss my Initial Enrollment Period?
- You can sign up during Medicare’s Open Enrollment Period (January 1–March 31), and your coverage will start July 1.
3) What are the Special Enrollment Period Circumstances? Click on the following link
- https://www.medicare.gov/basics/get-started-with-medicare/get-more-coverage/joining-a-plan/special-enrollment-periods
4) How much does Medicare Part B cost (for 2023/2024)?
- Standard Part B premium is $164.90 in 2023 ($174.70 in 2024) .
- The high-income threshold (where premiums increase based on income) grew to $97,000 in 2023 ($103,000 in 2024), if you file an individual tax return or are married and file separately; and $194,000 in 2023 ($206,000 in 2024), if you are married and file a joint tax return.
- The Part B deductible is $226.00 in 2023 ($240.00 in 2024).
5) What is the Medicare Part D (Drug) late enrollment penalty?
At least an extra 1 percent of the national average premium ($32.74 in 2023) ($34.70 in 2024) will be added to your premium for each month that you delay and are without creditable drug coverage, and you will pay the penalty (which usually increases each year along with the average premium) for as long as you have Medicare drug coverage.
For example: If you waited 14 months to join a Medicare drug plan, and you didn’t have creditable drug coverage, you’ll have to pay a 14% late enrollment penalty in addition to your monthly plan premium. I.e. - 14% of $32.74 = $4.58. So, $4.60 will be your penalty for 2023. This amount is added to your plan’s monthly premium for 2023.
6) How long does it take to process a Medicare Part B application?
- It can take roughly 4-6 weeks to get your approval during the enrollment process. Your benefits should become effective the first of the month after you apply. This lag time means if you want to be on Medicare when you turn 65, finalize and send your paperwork at least two months before your 65th birthday.
7) How to check your Medicare Status? You can check your Medicare status several ways:
- Log in to your My Social Security account.
- Call the Social Security Administration at 1-800-772-1213.
- Log into your MyMedicare.gov account.
More FAQs to be shared soon!