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Who Should Enroll In Medicare and When?
In this episode, Deanne Rosso, President & CEO of Elevate Wealth Advisory, and company founder Chuck Vickery dive into the important topic of Medicare enrollment. Whether you’re approaching age 65 or just planning ahead, understanding when and how to enroll in Medicare is crucial. Chuck, our in-house Medicare expert, shares key insights, including:
Why you should enroll in Medicare at age 65 if you’re not employed by a large employer (20+ employees).
The potential penalties if you delay Medicare enrollment.
The timing and enrollment window you need to be aware of.
What happens if you miss the initial enrollment period.
Join us to learn more about how to navigate Medicare enrollment and avoid costly mistakes. If you have questions or need guidance on Medicare and other retirement planning needs, visit elevate-wealth.com and click “Let’s Talk.”
Don’t miss this essential advice to help you stay covered in retirement!
🔗 Website: https://elevate-wealth.com
🔗 Facebook: / elevatewealthadvisory
🔗 Instagram: / elevatewealthadvisory
Ever wonder if you need to enroll in Medicare, or when's the best time to do it? Hey, there! I'm Deanne Rosso, and we'll explore that question on today's Elevate Wealth. I'm here today with Chuck Vickery, who is not only our firm founder at Elevate but also our resident expert on Medicare. So, welcome, Chuck! Good day, D! Glad to have you with me today. So, Chuck, a lot of people have this question. What can you tell us about the timing of enrollment for Medicare? D, Medicare starts when you turn 65, and it starts on the first first day of the month, so if you were born on the 20th, it still starts on the 1st. Okay. But it's important to enroll at age 65, and you can actually enroll up to 3 months early, or 3 months late. Okay. So a six-month window. Correct. Okay. You've got that. So there's an exception, and the exception is if you work for a large employer, and the government defines a large employer as 20 or more people. So if you work for a large employer and you're on their group Insurance, you can continue on their program. Okay. And when you retire, at that time, you can switch over to Medicare. Okay. So I think, you know, that's kind of a misconception is that you have to enroll in Medicare at 65, but if you're, what you're saying is if you're working for a large employer, 20 or more people, you can keep your coverage and not enroll in Medicare at 65. That's correct. So if you think that's a better coverage, you can stay that way. Okay. If you think Medicare is better, you can enroll in Medicare. Some people, though, that are working for for smaller companies, less than 20, continue on their group insurance and they may have problems. People that are on COBRA that have retired and taken their insurance with them may have problems, because both small employer insurance and COBRA pay secondary to Medicare. So, if you don't have Medicare, they may not pay. So, it's important to enroll. Another reason it's important to enroll is for every year you delay, there's a 10% penalty, so you may say I'm healthy, I'll wait until I get sick and enroll, but if you do that, every year you wait there's a permanent 10% per-year penalty added, so it's important to either be in a large employer plan, or sign up at age 65. So you've got to know when is your window for enrolling in Medicare, or that penalty follows you for the rest of your life. That's right. Right. Okay. So three months before 65, 3 months after...up to 3 months after 65, unless you get an exception because you're working for a large employer. Correct. Okay, that makes a lot of sense. So thank you so much for joining me today, and for answering those questions. That's really helpful. And if you have questions if you're watching or listening about when is your Medicare enrollment window, we're here to help. Navigate to elevate-wealth.com and click "Let's talk." We'll see you next time!
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By Elevate Wealth AdvisoryIn this episode, Deanne Rosso, President & CEO of Elevate Wealth Advisory, and company founder Chuck Vickery dive into the important topic of Medicare enrollment. Whether you’re approaching age 65 or just planning ahead, understanding when and how to enroll in Medicare is crucial. Chuck, our in-house Medicare expert, shares key insights, including:
Why you should enroll in Medicare at age 65 if you’re not employed by a large employer (20+ employees).
The potential penalties if you delay Medicare enrollment.
The timing and enrollment window you need to be aware of.
What happens if you miss the initial enrollment period.
Join us to learn more about how to navigate Medicare enrollment and avoid costly mistakes. If you have questions or need guidance on Medicare and other retirement planning needs, visit elevate-wealth.com and click “Let’s Talk.”
Don’t miss this essential advice to help you stay covered in retirement!
🔗 Website: https://elevate-wealth.com
🔗 Facebook: / elevatewealthadvisory
🔗 Instagram: / elevatewealthadvisory
Ever wonder if you need to enroll in Medicare, or when's the best time to do it? Hey, there! I'm Deanne Rosso, and we'll explore that question on today's Elevate Wealth. I'm here today with Chuck Vickery, who is not only our firm founder at Elevate but also our resident expert on Medicare. So, welcome, Chuck! Good day, D! Glad to have you with me today. So, Chuck, a lot of people have this question. What can you tell us about the timing of enrollment for Medicare? D, Medicare starts when you turn 65, and it starts on the first first day of the month, so if you were born on the 20th, it still starts on the 1st. Okay. But it's important to enroll at age 65, and you can actually enroll up to 3 months early, or 3 months late. Okay. So a six-month window. Correct. Okay. You've got that. So there's an exception, and the exception is if you work for a large employer, and the government defines a large employer as 20 or more people. So if you work for a large employer and you're on their group Insurance, you can continue on their program. Okay. And when you retire, at that time, you can switch over to Medicare. Okay. So I think, you know, that's kind of a misconception is that you have to enroll in Medicare at 65, but if you're, what you're saying is if you're working for a large employer, 20 or more people, you can keep your coverage and not enroll in Medicare at 65. That's correct. So if you think that's a better coverage, you can stay that way. Okay. If you think Medicare is better, you can enroll in Medicare. Some people, though, that are working for for smaller companies, less than 20, continue on their group insurance and they may have problems. People that are on COBRA that have retired and taken their insurance with them may have problems, because both small employer insurance and COBRA pay secondary to Medicare. So, if you don't have Medicare, they may not pay. So, it's important to enroll. Another reason it's important to enroll is for every year you delay, there's a 10% penalty, so you may say I'm healthy, I'll wait until I get sick and enroll, but if you do that, every year you wait there's a permanent 10% per-year penalty added, so it's important to either be in a large employer plan, or sign up at age 65. So you've got to know when is your window for enrolling in Medicare, or that penalty follows you for the rest of your life. That's right. Right. Okay. So three months before 65, 3 months after...up to 3 months after 65, unless you get an exception because you're working for a large employer. Correct. Okay, that makes a lot of sense. So thank you so much for joining me today, and for answering those questions. That's really helpful. And if you have questions if you're watching or listening about when is your Medicare enrollment window, we're here to help. Navigate to elevate-wealth.com and click "Let's talk." We'll see you next time!