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.
• Must have Medicare Part A and Part B to enroll in any Medicare Supplement Plan or Medicare Advantage Plan.
• 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.

Medicare Advantage Plans bundle hospital (Part A) and medical (Part B) benefits, sometimes include prescription drug coverage (Part D), and may cap your out-of-pocket costs. However, they typically have network restrictions and require following plan-specific rules (like referrals). Compare options carefully to ensure you choose the best plan for your budget and healthcare preferences.

You can enroll in a Part D plan when you first become eligible for Medicare or during designated enrollment periods. Coverage details—like which medications are covered and how much you pay out of pocket—vary by plan. Checking each plan’s formulary and pharmacy network is essential to ensure you get the right coverage for your prescriptions.

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).

Instructions to find the Medicare Enrollment Page:

www.SSA.gov:  https://www.ssa.gov/benefits/medicare/

• Click on the ‘Menu’ icon in the header, and then in the middle row, third line down, click on Medicare
• At the bottom of the first paragraph, you find the blue box, and click on ‘Apply for Medicare Only’.
• Next will be a page where you have to agree to the terms at the bottom of the page.
• Click on ‘Start New Application’ in the second grey box and you’re on your way
• Medicare will ask about your current health insurance, date and place of marriage(s), Military service, Employer details for the prior two years, and bank information.
• This process will only take about 10 minutes.
• You will receive your Medicare card in the U.S. Mail in about two weeks.

Your card will have your new Medicare number and effective dates for Part A and Part B, at that point, you can enroll in a Medicare Advantage plan or purchase a Medicare Supplement plan.

Avoid the late enrollment penalty by signing up for your Part D Drug Plan when you’re first eligible as the penalty increases and will never go away. 

Part D Penalty Calculator

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.