Navigating Medicare with MyLife Financial

Understanding Medicare Made Simple

Welcome to our comprehensive Medicare guide, designed with you in mind. This page, complemented by our insightful video above, aims to simplify your Medicare journey. From enrollment periods to understanding Part A and Part B, MyLife Financial is here to illuminate the path to making informed Medicare decisions.

Navigating Automatic Medicare Enrollment: What You Need to Know

As you approach 65, you’ll receive extensive information about Medicare and various plans from private insurance companies. At MyLife Financial, we’re here to assist. As licensed brokers working with numerous carriers in your area but not all, we offer guidance on understanding Medicare Parts A and B, enrollment timelines, and comparing Medicare with your current health insurance if you’re still working.

Once you have your Medicare card, we’ll help you navigate Medicare Supplements, Medicare Advantage, and Prescription Drug plans available in your area. We’ll discuss their benefits, and costs, and address any questions you may have – all at no charge. Our goal is to provide exceptional service, earning your trust as your agent of record.

Navigating Medicare can be complex, but we’re here to simplify the process. Reach out today for assistance and ongoing support with your Medicare needs.

Mastering Medicare: Your Guide to Part A and B

Embarking on your Medicare journey can feel like navigating uncharted waters. We at MyLife Financial are brokers and we are contracted with many insurance carriers, we are not contracted with all carriers.  Our goal is to help you understand Medicare and how it works. Medicare has many parts with Part A, Part B, Part C, Part D, Plan G, Plan N and so many more. Our goal is to help you understand how Medicare works and then help you pick a plan that best first your financial and medical needs. Contact us today to speak with a licensed insurance agent. 

Medicare Part A

Hospital Insurance covering inpatient hospital stays, care in a skilled nursing facility, hospice care, and some home health care.

Enrollment

Enrollment Period: 7-month period around your 65th birthday 

Special Enrollment Period: After Initial Enrollment Period if you have group healthplan coverage.

General Enrollment Period: Jan 1 – Mar 31 annually.

Payments

Premium-Free Part A: For those who or their spouse paid Medicare taxes while working.

Premium Part A (2024): $278 or $505 monthly, depending on work history.

Late Enrollment Penalty: 10% higher premium for twice the years you could’ve had Part A but didn’t sign up.

Medicare Part B

Medical Insurance covering certain doctors’ services, outpatient care, medical supplies, and preventive services.

Enrollment

Enrollment Period: 7-month period around your 65th birthday 

Special Enrollment Period: After Initial Enrollment Period if you have group healthplan coverage.

General Enrollment Period: Jan 1 – Mar 31 annually.

Payments

Standard Premium (2024): $174.70 monthly for most.

IRMAA: Additional charge for higher income levels.

Late Enrollment Penalty: 10% for each full 12-month period you could’ve had Part B but didn’t sign up, applied for as long as you have Part B.

Enrollment

Special Enrollment Period

The Special Enrollment Period for Medicare allows you to sign up for Part A and/or Part B without penalty if you missed your Initial Enrollment Period due to being covered by a group health plan through your or a family member’s current employment, anytime while covered or within 8 months after coverage or employment ends. Coverage starts the first day of the month after you sign up, and this option is not available for those eligible for Medicare due to ESRD or still within their Initial Enrollment Period.

Annual Enrollment Period

Starts October 15 and Ends December 7 Yearly

General Enrollment Period

If you miss signing up for Part A and/or Part B during your Initial Enrollment Period and don’t qualify for a Special Enrollment Period, you can enroll during the General Enrollment Period from January 1–March 31 annually, but you may face higher premiums due to late enrollment. Coverage begins the first day of the month after you sign up.

You have other Health Coverage. Should I get Part B?

Employer or Union Coverage

 If you or a family member is currently employed and you have health coverage through that employer or union, it may be beneficial to delay Part B enrollment. Coverage through current employment does not include COBRA, retiree coverage, VA coverage, or individual health insurance through the Marketplace.

TRICARE

TRICARE beneficiaries must enroll in Part A and Part B to maintain coverage, except for active-duty service members and their families, who do not need Part B to keep TRICARE. CHAMPVA holders must also enroll in both Part A and Part B.

Medicaid

For Medicaid recipients, it’s recommended to sign up for Part B, as Medicare will be the primary payer, and Medicaid will cover secondary costs, including out-of-pocket expenses. Contact your State Medical Assistance office for more information.

Health Insurance Marketplace®

Individuals with Marketplace or other individual health coverage should sign up for Medicare upon eligibility to avoid delays and late enrollment penalties. Once eligible for premium-free Part A, you no longer qualify for Marketplace aid and may need to repay any received assistance.

If you would like help navigating your current situation please give us a call today. We’d be happy to go over your situation and help answer questions.

Medicare Plans FAQs

The service we provide at MyLife Financial is at no cost to you. How we get paid is directly from the insurance carriers. We will help you now and in the years to come at no cost.

You can apply by calling your local social security office, calling the general social security phone number 866-964-1236 or creating an account online and applying there. For online click here..

At MyLife Financial we do not charge for our services to help you navigate Medicare and get signed up on plans. What we aim to do is offer customer service outside of the insurance carriers. If you have questions or need help we would like for you to call our office insurance of the insurance carriers. That way we can work with you and the insurance carriers to get your questions answered and problems resolved.  

No, the prices for Medicare Plans are regulated by law, meaning the cost remains the same across the board, irrespective of the method or avenue through which you enroll in a policy.

 
 

Maximize Your Medicare Coverage with Medicare Insurance