Medicare Plans

• Medicare is funded by deductions from your paycheck (just like Social Security), plus Part B Premium,
• Part B is $174.70 per month for those new Medicare in 2024, with an Adjusted Income of $103,000 or less, per year, or $206,000 per year, for a couple.
• Medicare basically is an 80/20 Plan, Medicare pays 80%, and you are responsible for the remaining 20% co-insurance, and deductibles.
• Medicare Part B deductible is $240 in 2024.

Medigap plans are guaranteed issue at age 65 (or when you enroll in Medicare Part B) regardless of pre-existing conditions and are renewable for life—though premiums may adjust annually. This means you can choose any Medigap plan at 65 and keep it for life, ensuring continuous nationwide coverage.

You will automatically be enrolled in Medicare Parts A and B, when you turn age 65. Your Part B premium will be deducted from your Social Security benefits automatically, and therefore you will not need to take any action to enroll in Medicare Parts A and B.

When you turn Age 65, you have a seven-month initial enrollment period.

For Example: You turn Age 65, on April 20th

• You have the month of your birthday, April, as well as the three months prior to your birthday, and the three months following your birthday month. You may enroll as early as January 1^st, and as late as July 31^st.

You can enroll in person at your local Social Security office, or apply online at www.SSA.gov.  https://www.ssa.gov/benefits/medicare/

Clients still working past Age 65, with Employer Health Plan:

• You can delay enrolling in Medicare Part B until you retire, and enroll in Part B at that point.
• You are provided a special enrollment period when you retire, regardless of the time of year (no need to wait until the Annual Enrollment Period).

Contact one of our experienced, trusted agents to discuss your Medicare coverage needs, compare plan options, or get answers to any questions you may have about enrolling. At The Liberty Company, we put you—and your health—first, tailoring coverage to your unique situation. We’re here to ensure peace of mind, so you can focus on what matters most: your well-being.