Roadmap to Medicare
Turning 65 Retiring
Customized Roadmap Report
Click on the image to download your 1 page Roadmap
Enrolling in Medicare
After reviewing ALL of the information on this webpage, click on Enroll Now or Enroll Later for detailed enrollment/deferral instructions based on your situation.
Since Medicare is most likely your PRIMARY Insurance, and you may have penalties and deadlines for not enrolling in Medicare, you may want to…
Your Roadmap is based on…
- You are approaching age 65
- Your Primary Insured IS NOT (or WILL NOT be) actively working at the employer providing your benefits
- You are NOT (or WILL NOT be) covered under group benefits
Since you do not have creditable coverage (group coverage based on current active employment), you are required to enroll in Medicare during your Initial Enrollment Period (IEP).
If you do not enroll in Medicare A and B at this time, you will start to accrue a penalty on your Part B premium which will be added when you enroll later, you will only be permitted to enroll once a year in the future, and you may not have full coverage.
Will I receive a penalty if I don’t enroll now?
Yes. You will receive a late enrollment penalty because you will not have creditable coverage for Medicare. Creditable coverage is defined as group coverage based on current active employment.
What is my deadline to enroll?
Your Initial Enrollment Period (Turning 65) is 7 months surrounding your 65th birthday to enroll online. Your effective date will be automatically assigned to you based on which month you enroll online.
Do I need Medicare to have full coverage?
Yes. Once you turn 65 and are no longer actively employed, Medicare will become the primary insurance. If you do not enroll in Medicare, you may not have full coverage.
Secondary Insurance Options
You have the option to purchase secondary coverage to supplement your Medicare A and B. You will have the option to choose a Medicare Advantage Plan or Medicare Supplement Insurance and a Medicare Prescription Drug Plan.
Premiums, Benefits and Networks may vary by insurance company. We represent over 30 different insurance carriers to help you review and evaluate which options are most appropriate for your situation.
In addition, you can also voluntarily elect Dental, Vision, Hearing, Cancer and/or Hospital Indemnity coverage.
Please contact us for quotes and benefit information.
Medicare Supplement Insurance has an Open Enrollment Period for the first 6 months that you are enrolled in Medicare Part B. During this time, you will be able to purchase ANY medicare supplement plan with no medical underwriting.
Unless you have a Guaranteed Issue circumstance, Medicare Supplement plans are medically underwritten after the first 6 months on Medicare Part B.
Medicare Advantage Plans and Medicare Prescription Drug Plans provide an Initial Election Period when you enroll in Medicare, a Special Election Period when you come off your group plan, and also allow you to change plans once a year during the Annual Election Period (October 15th through December 7th) without medical underwriting.
Spouse Under Age 65- If your spouse relies on your group health plan for benefits, please be mindful that if you come off your group plan, your spouse will have to go on COBRA, seek benefits through their respective employer, or purchase individual health insurance until they become Medicare eligible.
Effective Date Considerations- Reminder, when you apply for Medicare at age 65, you cannot choose a specific effective date for the benefits (and premiums) to start. The only way to influence the effective date is by which month you enroll online. Please contact us ASAP if you are trying to achieve a specific start date that is something other than the first of the month of your 65th birthday (possibly to coordinate with your group plan ending).
Important HSA Considerations– You cannot continue to contribute to your Health Savings Account (HSA) once you enroll in Medicare Part A. If you are enrolling in Medicare after age 65, your Part A effective date may be back dated up to 6 months. Please contact us to discuss the HSA maximum contribution rate for you circumstances. Click Here for Details and Rules.
- This does not apply to Flexible Spending Accounts (FSA) or Health Reimbursement Accounts (HRA). Medicare does not have any restrictions on these types of accounts.