If your parents are turning 65, they should get ready to apply for Medicare. Magellan Healthcare can prepare your parents for Medicare and assist them in finding the Medicare plans that meet their individual needs.
Medicare Eligibility
In general, to qualify for Medicare you must be a U.S. citizen or lawful permanent resident of at least years who is 65 or older or has a disability and has been receiving disability benefits from Social Security or the Railroad Retirement Board for the required length of time based on their condition.
One thing that can complicate this eligibility is that not everyone is automatically enrolled, and not everyone receives the same rates. Depending on how long your parents worked and paid taxes toward Medicare, they could be charged $0 in premiums for Part A or into the $400s for the same inpatient coverage.
Benefit Eligibility
The working status of your parents may affect their eligibility for Medicare. One or both spouses are expected to have worked for at least 10 years and paid taxes to Medicare through payroll deductions by the time they turn 65. These 10 years are counted as 40 calendar quarters called work credits, and they do not have to be consecutive.
Citizenship
If your parents are not U.S. citizens, they must be considered lawfully present immigrants and have been living in the country for at least five years to qualify for Medicare. If your parents are citizens who have retired and moved to another country, they should apply for Medicare when they are first eligible or they will pay a penalty if they return to live full-time in the U.S. and delayed enrolling.
When to Apply for Medicare
Your parents may be automatically enrolled in Medicare benefits if they are already receiving retirement benefits from Social Security or the Railroad Retirement Board at least four months before they turn 65. If they have been receiving disability benefits, they will be automatically enrolled with coverage beginning in their 25th month of receiving disability benefits. Those with ALS will automatically begin receiving Medicare coverage the same month they begin receiving disability benefits.
If your parents are not automatically enrolled in Medicare, they can apply for Medicare when they turn 65. Their first opportunity to apply for benefits is during each of their initial enrollment periods, which begin three months before the month of their 65th birthdays and last for seven months.
Once your parents sign up for the Part A and Part B coverage they want, they will be able to add additional coverage through a Medicare Advantage plan, Medicare Part D prescription drug plan, or Medicare Supplement policy. Each of these plans is individual, and your parents likely have different health needs. Encourage them to search for Medicare plans that will fulfill their healthcare needs and fit inside their budget. Working with a licensed insurance agent can give them the confidence that they are choosing the best available plans.
Magellan Healthcare is here to prepare your elderly parents for Medicare with the help of our talented agents. We will provide the help they need to choose the plans that suit them. Book your appointment today to meet with an agent.
