888-765-5400Medicare After Age 65 – What You Need to Know
Blue Cross Blue Shield of North Carolina supports healthy living at every age and has served the residents of NC for over 80 years by offering quality health insurance products, to include Medicare Supplement plans, at a competitive price.
If you are over the age of 65 and still working a job that offers you health coverage or if you are still covered by your spouse’s employer insurance, you may have chosen to delay enrollment in Medicare Part B. Keep in mind, however, that once you lose that employer coverage you will only have 8 months to enroll in Part B or you could lose your special enrollment and be subject to penalties. Your monthly premium for Part B coverage increases 10% for each full 12-month period you could have enrolled in Part B, but chose not to and that can add up quickly. In addition, if you miss that 8-month window, you may also find that you are unable to enroll until the General Enrollment period (Jan. 1- March 31) and your coverage will not begin until July 1 of that year, which could lead to a gap in coverage.
If you plan ahead, however, you can avoid these pitfalls and your transition into Medicare can be seamless. A good rule of thumb is to start the process of enrolling in Part B two months prior to losing your group coverage. Keep in mind that enrollment in Medicare Part B is required if you intend to enroll in a Medicare Advantage or Medicare Supplement Plan to help cover the health care costs not covered by Medicare. Once your Part B enrollment information is in the system, you can begin working on applications for other Medicare products, like Supplements.
Another important note for those of you over the age of 65 who are enrolled in employer coverage. COBRA and retiree health coverage do not count as current employer coverage. If your employer offers you COBRA coverage once your job ends, don’t wait until your COBRA expires to sign up for Part B of Medicare. You must sign up prior to losing group coverage or within the 8-month window after losing the employer coverage to avoid those penalties.
As you transition into Medicare, there’s a lot to learn. For questions about Medicare Supplements through Blue Cross Blue Shield of North Carolina or to discuss your Medicare options, please contact our office. For more information on North Carolina insurance coverage, please visit our website at www.nchealthplans.com or call our toll free number 888-765-5400 and speak with one of our experienced and professional agents.