1. You have a set time to enroll in Medicare

The first time you can enroll in Medicare is known as your Medicare Initial Enrollment Period (IEP). Your Initial Enrollment Period is seven months long, and includes:

• The 3 months before the month you turn 65
• The month you turn 65
• The 3 months after the month your turn 65

For most people, this is the best time to sign up for Medicare. Signing up for Medicare coverage during your Initial Enrollment Period will help you avoid late enrollment penalties.

2. You may be able to delay Medicare Part B

Many people are able to get Medicare Part A (hospital insurance) premium-free because either themselves or their spouse worked and paid taxes for 10 or more years. Part B (medical insurance) has a monthly premium that is $148.50-$504.90 for 2021 depending on your income level.

You may be able to delay signing up for Part B if you have other health care coverage, such as through an employer or union. You must qualify for a Special Enrollment Period to avoid a late enrollment penalty if you decide to delay Part B. If you have coverage through an employer, you may also choose to delay enrolling in Part A. This is especially true for those who still want to contribute to a health savings account (HSA).

3. There are two ways to get Medicare

Medicare only provides you with two ways to get your benefits:

• The Traditional Way: Original medicare (Parts A & B)
• One Alternative: Medicare Advantage (Part C)

Original medicare is administered by the federal government. Medicare Advantage plans are offered by private insurance companies approved by Medicare. They must provide all the same benefits as Original Medicare Parts A and B. Many Medicare Advantage plans include additional benefits, such as coverage for prescription drugs, dental, vision, hearing, fitness, and more.

4. Medicare doesn’t cover prescription drug cost, dental, and more

Original Medicare doesn’t include coverage for prescription drugs and other health items. To get prescription drug coverage, you may either buy a stand-alone prescription drug plan (Part D) or choose a Medicare Advantage plan with included drug coverage.

Generally, you don’t need additional coverage if you choose a Medicare Advantage plan as most come with prescription drug coverage included.

5. You are NOT required to get Medicare

Medicare is not required, but if you decide not to enroll at age 65 and do not qualify for a Special Enrollment Period, this could be costly. Medicare Parts A, B, and D all have late enrollment penalties, and these can quickly add up. Take some time to think carefully and know all your options if you are considering not enrolling in Medicare. It’s usually a good idea to enroll at age 65 if you do not qualify for a Special Enrollment Period.

Plan Ahead Before You Turn 65

Don’t let Medicare enrollment sneak up on you. USe these five tips and get a head start on learning the basics about Medicare so you can make an educated decision when the time comes.