The other day, I completed my Medicare application. I have been researching Medicare and the many options and considerations of the government healthcare plan. To say it is complex might be an understatement. After a career in the financial services business, and the broad knowledge required to understand tax laws, tax-favored retirement plans, the many financial instruments, the markets and regulations, I may not have guessed that Medicare is on par with this often-convoluted subject matter. Congress made the laws that govern retirement plans and investments complex and they have done the same with Medicare. Just try reading the IRS code sometime and you will understand.
Luckily, there are some insurance agents in the Medicare space who seem to do a good job of explaining this complex subject. I have included a video below by Stephanie Abt, where she provides a general overview of Medicare in 2021. This is a great refresher and should provide most people with the basics and a rudimentary understanding of the many different parts that make up Medicare.
Using the approach I am embracing, I enrolled in Medicare three months prior to my 65th birthday. (Yikes….please time; slow down). When you enroll before 65, assuming you aren’t in some special area of exception, then you can enroll in parts A and B up to three months early and then wait until you have confirmation that you have been accepted. I believe you can also enroll in Part D early if you have been accepted. You can then enroll in one of the Medi-gap or supplemental plans when you turn 65, if that is the route you are going. Watch Stephanie’s video to get more details.
I should mention that I have not used an agent up to this point, but may need their services in the near future if I don’t deal directly with the insurer I believe I will use for Part N and Part D.
