Turning 65?

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Turning 65? Let’s Make This Easy.

In the months leading up to turning 65, you will want to talk with us about what you will need to do. We promise, no matter what the outcome, you will be NOT be confused anymore and you will enjoy the experience. No pressure. No money. Ever.

Do I Sign Up for Medicare?

If you ARE collecting Social Security, you will be automatically enrolled onto Medicare Parts A and B (and we will explain exactly what Parts A and B are and how they work).

If you are NOT collecting Social Security, you need to sign up for Part B. You can do this up to three (3) months before your 65th birthday month by going to www.medicare.gov or by calling the San Luis Obispo Social Security office 855-207-4865.

Cost to You

You do not pay a monthly fee for Medicare Part A but you do for Part B. The standard Part B premium amount is $145 (2020 cost). This could be higher depending on your income. If you ARE collecting Social Security it will be automatically deducted from your check. If you ARE NOT collecting Social Security you will be billed quarterly.

After that, there are two roads you can walk down:

Option 1: Medicare Supplement and an Rx Card (Part D, standalone)

This type of insurance, also known as Medigap, helps cover the cost that Original Medicare doesn’t such as copayments, coinsurance, and deductibles. While Original Medicare is very beneficial, many find that it leaves you with a lot of gaps in terms of out-of-pocket fees. Such gaps can really add up over time, which is why Medigap can help. You can also get an Rx card to help with covering prescription drugs.


Option 2: Medicare Advantage Plan (Part C)

You usually pay a monthly premium for the Medicare Advantage Plan in addition to your Part B premium. Depending on your age, needs, and healthcare plans, this extra premium could save you money in the long run. Medicare Advantage Plans also use copay systems, whereas Original Medicare charges you a percentage of a treatment’s cost for common health services. If you go to the doctor frequently or anticipate costly outpatient procedures, a Medicare Advantage Plan may be right for you.