When do I sign up for Medicare?
 

• You can sign up for Medicare three months before turning 65.

• Some people get Medicare Part A and Part B automatically, and some people have to sign up for it.

  • If you have been on Social Security at least 4 months prior to turning 65, Medicare will enroll you automatically into Medicare parts A and B. You will get your card in the mail about three months prior to turning 65.

  • If you are not receiving Social Security before turning 65, and would like to start Medicare you can sign up by going to your local Social Security office or online at SSA.gov.

• The initial enrollment period is for 7 months, starting three months before you turn 65 and ending three months after the month you turn 65.

• If your birthday falls on the 1st of the month, your seven month period starts earlier. It starts four months before you turn 65 and ends two months after the month you turn 65. Generally your Medicare covered starts the first day of the month before you turn 65.

• If you miss your seven month initial enrollment period, you may have to wait to sign up and pay a monthly late enrollment penalty for as long as you have Part B coverage. The penalty goes up the longer you wait, you may have to pay a penalty if you have to pay a Part A premium, also called "Premium Part A". However, you will not be penalized if you or your spouse is still working and have a creditable health coverage through you (or your spouses) employer.

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Do I need Medicare if I am still covered by my or my spouses employer?

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• It depends on how you get your health insurance now and the number of employees that are in the company where you (or your spouse) work.

• Generally, if you have job-based health insurance through your (or your spouse’s) current job, you don’t have to sign up for Medicare while you (or your spouse) are still working. You can wait to sign up until you (or your spouse) stop working or you lose your health insurance (whichever comes first).

  • If you’re self-employed or have health insurance that’s not available to everyone at the company: Ask your insurance provider if your coverage is employer group health plan coverage (as defined by the IRS.) If it’s not, sign up for Medicare when you turn 65 to avoid a monthly Part B late enrollment penalty.

  • If the employer has less than 20 employees: You might need to sign up for Medicare when you turn 65 so you don’t have gaps in your job-based health insurance. Check with the employer.

  • If you have COBRA coverage: Sign up for Medicare when you turn 65 to avoid gaps in coverage and a monthly Part B late enrollment penalty. If you have COBRA before signing up for Medicare, your COBRA will probably end once you sign up. 

• We always advise people to meet with us or another trusted Medicare broker to compare the costs between staying on your employer plan vs. going on Medicare. We look at the premiums, deductibles, co-pays, coinsurance and max-out-of-pocket. I would say 60% of the time it makes more sense financially to go onto Medicare rather than stay with your employers plan.

• After you retire and lose your health insurance through your work, you will have 60 days before your end date and 60 days after to sign up for Medicare and a Medicare plan.

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How much does Medicare cost? (2024)

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• Part A premium

  • If you have worked 40 quarters (10 years) in your life, then usually Medicare Part A costs $0. If you have not worked 10 years, Medicare could cost up to $505/month depending on how long you worked in your life. 

• Part A hospital inpatient deductible and coinsurance You pay:

  • $1,632 deductible for each benefit period

  • Days 1-60: $1,632 coinsurance for each benefit period

  • Days 61-90: $408 coinsurance per day of each benefit period

  • Days 91 and beyond: $816 coinsurance per each "lifetime reserve day" after day 90 for each benefit period (up to 60 days over your lifetime)

  • Beyond lifetime reserve days: all costs

• Part B premium

  • The standard Part B premium amount is $174.70 (or higher depending on your income). Click Here For More Information.

• Part B deductible and coinsurance

  • $240. After your deductible is met, you typically pay 20% of the Medicare-Approved Amount for most doctor services (including most doctor services while you're a hospital inpatient), outpatient therapy, and durable medical equipment.

• Part C premium

  • The Part C monthly premium varies by plan. 

• Part D premium

  • The Part D monthly premium varies by plan (higher-income consumers may pay more). 

 

When does Medicare coverage start?

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• The date your coverage starts depends on which month you sign up during your Initial Enrollment Period. Coverage always starts on the first of the month.

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• If your birthday falls on the 1st of the month, your seven month period starts earlier. It starts four months before you turn 65 and ends two months after the month you turn 65. Generally your Medicare covered starts the first day of the month before you turn 65.

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