If you will be turning age 65 in the next year or so, you may wish to read a bit further. If not, relax and maybe read another “What the Health?” article. Turning 65 years old may not be so bad because you have finally reached the Golden Arches of Medicare, and it looks like it is still intact. At least for now. I, like many of us, are currently paying “through the nose” with a premium in excess of $1,100 monthly just for myself. I know, it’s ridiculous! So, Medicare will be a blessing economically for myself and potentially for many others. Medicare premiums can be based upon your annual income, but for most, it’s much less compared to the ObamaCare subsidies. It is certainly possible that you are better off right now with ObamaCare, especially if you are currently receiving what I call a “boatload” of subsidies and your monthly premium is quite low. Many clients who are better off with ObamaCare now may think they will just stick with their Marketplace / Healthcare.gov policy and keep everything status quo. WRONG!! And this is the absolute total point of this very important message to my clients who may be turning age 65 sometime soon. Everything cannot and will not remain status quo, this is for sure! So let’s be proactive and be prepared to handle this transition properly.
Step one: Somewhere approximately 60-90 days prior to your birthday you may wish to start with a phone call to Kevin, that’s me. Best number for calling and texting is 985-778-0072. Most anytime! It all starts with a conversation.
Step Two: We will review your personal situation and timeframe and simply advise the best course of action. Mostly, if within 90 days of your new coverage with Medicare, then we will simply update your HC.gov application as needed. Your first day of Medicare coverage can be the 1st of the month of your birthday month. So technically you can and likely will start Medicare slightly before you actually turn age 65. However, that is not going to just happen, you will need to do your part to get it started.
Step Three: Most importantly, you should always establish new coverage before cancelling your existing coverage. However, if you totally do nothing, the Marketplace will cancel your coverage at some point. This can get really messy if you are not paying attention and doing your part!
I personally do not service any Medicare or Medicare Advantage products. At this time, I only work with ObamaCare type policies, that is the ACA-Affordable Care Act ages 64 and under. If possible, I will advise a particular Medicare agent in your general area, if indeed you do not already have someone you are working with. I just want to make sure that this transition is a smooth one for all.
So, to review; Be aware, call Kevin early, establish coverage with an agent of your choice, make sure to update / cancel your coverage with the Marketplace. In general, the Marketplace made handling this transition a whole lot better and much easier than before. But please do not assume that all this stuff will be done automatically, you really do need to do your part. I am here to help!
Best regards,
Kevin F. Gourgues
This is a new addition to the “What the Health?” newsletter that I will try to keep brief and to the point. Hopefully, this may help shed a little light on a somewhat complex health insurance world.
You’ve got Q’s, I hope I have your answer! Always feel free to call Kevin most anytime. Text or call 985-778-0072.