Medicare is health insurance for individuals who are 65 and older, under 65 with certain disabilities, or those who have End-Stage Renal Disease (ESRD). The 2022 Medicare annual open enrollment period for Medicare Advantage and Part D prescription plans begins Oct. 15, 2021 and runs through December 7, 2021. You can change your Medicare Advantage and Part D plans without special enrollment requirements.
The 2022 Medicare Parts A & B premiums and deductibles will be available in the latter part of the Annual Enrollment period at cms.gov.
If you are applying for Medicare for the first time:
- Sign up during first 3 months before you turn 65
- Medicare starts the first day of the month you turn 65
- Can sign up during the 4th – 7th months, but your start date will be delayed
- If the initial enrollment period has passed, you may incur higher premiums
Please note that there are some changes since the recording of this presentation in 2019. The cost numbers for Medicare Part B and the ranges for IRMAA have changed since 2019. The dates for the look-back period will always be two years from when you join Medicare Part B.
Also, be advised that due to Covid-19, the Social Security offices are only open for in-person visits by appointment, and only for certain emergency situations. If you wish to take care of issues that are usually processed in the office, you will have to call your local office or the national 800 number at 1-800-772-1213. You can also visit their website at ssa.gov.
This 2019 recording also includes a presentation from Baron Financial Group that covered some popular topics at that time.
If you have any further questions, please don’t hesitate to contact the Baron Financial Group Team.
You can learn more at Medicare.gov, the official U.S. Government site for Medicare.
This post is a general communication being provided for informational purposes only. It is educational in nature and not designed to be as advice or a recommendation for any specific investment product, strategy, plan feature or other purpose in any jurisdiction.