Basics of Medicare
When am I eligible?
Typically, you become Medicare eligible on the first day of the month that you turn 65. If your birthday is May 10th, you become Medicare eligible on May 1st. However, if your birthday is on the first day of the month, you become Medicare eligible the first day of the prior month. So… if your birthday is November 1st, you become Medicare eligible on October 1st.
What is Medicare Part A?
In general, Medicare Part A covers hospital care, skilled nursing facility care, home health care, and even hospice. You usually don’t pay a monthly premium for Medicare Part A if you or your spouse paid Medicare taxes while working.
What is Medicare Part B
Medicare Part B covers most doctor services, preventive care, durable medical equipment, hospital outpatient services, lab tests, and mental health care. You DO pay a monthly premium for Medicare Part B, and the amount of that premium is based on your income. Yes… higher income people pay more for Medicare Part B. If you visit medicare.gov, you can click the tab for Medicare Part B, and you’ll see a chart that shows how much you’ll pay for Medicare Part B based on your income.
Do I have to sign up for Medicare Part B at age 65?
In most cases, if you don't sign up for Medicare Part B when you turn 65, and then sign up at a later date, you'll have to pay a late enrollment penalty. In some cases, you may have the opportunity to remain on your employer or union sponsored health insurance plan and delay taking Medicare without having to pay a penalty. If you're interested in doing this, make sure you check with your human resources department or benefits coordinator to see if this option is available to you.
How do I sign up for Medicare Part A and Part B?
The Social Security Administration handles the sign-up process for Medicare. You can apply online at www.ssa.gov/medicare or, you can call 1-800-772-1213, or you can visit your local Social Security office. If you worked for a Railroad, please call the Railroad Retirement Board at 1-877-772-5772.