In my last blog post, I went over how the first step to enrolling in Medicare is knowing when you want your Medicare to be effective.
Once you have determined your Medicare effective date, you can now determine when you need to enroll.
Knowing when to enroll in Medicare is critical because if you don’t do this at the right time, you could face penalties that jeopardise your retirement savings.
Now, there are two main scenarios in which most people fall under:
You’re joining Medicare when you turn 65.
If you are joining when you turn 65, you should enroll in Medicare three months before your 65th birthday month.
Since Medicare is effective on the first day of your birthday month, enrolling early ensures that you will receive your Medicare card in time and Medicare will start at the right time.
Everything happens easier when you apply three months before your 65th birthday month.
You will delay Medicare at 65 and join at a later date.
Those who typically delay joining Medicare are doing so because they are working past 65 and have health insurance through their work or spouse’s employer plan. Whatever it might be, you’re not going to enroll in Medicare at 65.
Let’s say you delay Medicare after you turn 65, and you decide to join when you’re 68. When either you or your spouse retires, when it comes to that situation, I usually recommend submitting your Medicare paperwork anywhere from one to three months before you want your Medicare to start.
It’s important to note that when you enroll in Medicare after your 65th birthday month, there’s extra paperwork that has to be submitted. You or your spouse’s employer has to fill out one of the certain Medicare forms to show you had creditable coverage after you had turned 65.
To sum this, here is my quick answer:
- If you’re enrolling in Medicare at age 65, apply three months in advance.
- If you’re joining Medicare after 65, we recommend one to three months based on your work situation.
Medicare is confusing, but you’re not alone. We are here to help you easily make your RIGHT Medicare decision to protect your health care rights and retirement savings.
To easily make the right Medicare decision you can CLICK HERE to sign up for our Medicare Enrollment Concierge.
