Today I began the process of signing up for Medicare!
Just typing those words have a serious implication (I will let you the reader fill in your own thoughts about my age and mental acuity).
The process begins a bit more than 3 months before my 65th birthday. I am just learning the process, but what I have learned so far is: 1) I initially sign up for Medicare part A (covers hospitalization) and part B (covers doctors) using this site.
I learned, it is important to sign up early so that I receive my card before my 65th birthday, providing sufficient time to sign up for other parts. The process was straight forward since I already had an ID.gov log in. It took about 15minutes so far.
Get Medicare Card before 65th birthday!
2) Once I receive my card, I can sign up for other parts. There is an option to stay with traditional Medicare, or sign up with an advantage plan (Part C), and Prescription Drug Coverage (Part D). There are also options for Supplemental plans (part F and G). I have an advisor helping me to make those decisions.
Cost implications
The other thing that is helpful to know is that the cost of medicare is on a graduated scale called IRMAA, calculated going back two years, but recalculated every year. It’s based upon a Modified-Adjusted-Gross-Income (MAGI), which is my Adjusted Gross Income (AGI) from your tax returns plus adding back exempt interest and some other non-taxabale items. That calculates the monthly payment for the service. People who have a substantial life change (e.g. retirement, disability) can appeal the amount – which I plan to do when the time comes.
An interesting non-physical adventure! When I get to the next part of the process, I will update you.
- Larry