Turning 65 is a milestone moment and the absolute best time to join one of the most popular insurance plans among seniors in the U.S. At 65, you’re now able to put an end to unaffordable medical bills. You’re in control, but you have to join as quickly as you can because that’s how you get the most out of your Medicare plan.
Turning 65
At 65, you’re vulnerable to life-threatening conditions. Medical expenses are a significant source of debt. A 2019 study found medical debt accounted for 66.5% of bankruptcies in the U.S.
These costs combined with your age make for inevitable financial ruin. Fortunately, this isn’t inevitable, since, by the time you turn 65, you qualify for Medicare.
Medicare helps in these ways:
- If in the hospital for 60 or fewer days, your coinsurance for a hospital stay is $0 after meeting a $1484 deductible
- 80% off for preventive care and durable medical equipment. You pay 20% of the Medicare-approved amount, which is oftentimes lower than what the treatment originally cost
- Option to join a prescription drug plan
What to do
The months surrounding the month of 65th birthday are crucial – this includes three months before the month you turn 65, and then the three months after that. If you don’t join at this time, you cannot get inpatient coverage for a free premium.
If you’re already on Social Security, your course of action is to look into your mailbox in the few months leading up to your 65th birthday. Coverage is effective the first day of the month you turn 65 (if your birthday falls on the first of the month, then it begins on the first day of the month before the month you turn 65).
Act quickly
If you are looking for a way out of specific out-of-pocket costs, you have six months to join a supplemental plan that can save you even more. It starts the day that you turn 65 and are enrolled in Medicare Part B. This supplemental plan is called Medicare Supplement Plans, also known as Medigap.
Other benefits of joining at 65
Benefits are generally mentioned in terms of money saved, but it goes further than that. Saving money makes you less likely to delay getting checkups because your health isn’t a financial sacrifice anymore. Because of this, your Medicare policy is indirectly tied to a longer life. Medical conditions are easier to deal with the sooner you treat them, so with Medicare, you don’t have the temptation of waiting until it’s too late.
We’re here when you need us
At Sunsurance Agency, we are dedicated to serving you and helping you find a Medicare plan in your area, including Dothan and Enterprise in Alabama, and Pensacola, Pace, and Tallahassee in Florida.
If you live in any of these locations, call us today at 334-441-3905 so we can help you understand your Medicare options!