Medicare Open Enrollment
When You Have Company Benefits
Toni,
After speaking with you yesterday, I received a call from my deceased husband’s office and was advised that my medical insurance would expire March 31, 2016. I am taking the paper which goes to Social Security back to their office to get the form filled out correctly. I need some clarification on when and what parts of Medicare do I need to apply for.
I know you have dealt with this for years and know the ins and outs, but this is all new to me. It’s confusing and intimidating and yes, I’m stressed right now. Losing my husband of 50 years is very stressful and upsetting. I just want to make sure that I’m doing what I need to do correctly, in a timely manner. That is why I asked for your assistance.
Does this need to be done before December 7th Medicare Enrollment Period?
~ Thanks, Sue from Champion Forest
Hello Sue:
No… the December 7th deadline does not apply to you because you have company benefits. This time is for those that want to change or enroll in a Medicare Part D prescription drug plan or wants to change or enroll their Medicare Advantage plan.
I know that this is a very stressful time for you because your dear husband handled all of your insurance and financial affairs and you now have to handle life’s curves by yourself.
We have been advising those confused by a complicated system on how to enroll in Medicare for those turning 65,past 65 who have either lost their job because they retired, been laid off or have had the “working spouse” pass away and now have lost company benefits, as well as Medicare Open Enrollment when you have company benefits.
When we perform a Medicare planning consultation at the Toni Says office for someone whether just laid off, retiring or have a loved one who was the “working spouse” pass away, I always advise them to make sure that they have their Part B in place when leaving their employment and/or group benefits.
The process to enroll in Part B, when you are past 65 should be done correctly.
- Call Social Security at 1/800-772-1213 and advise them that you have left your company or are retiring and need to enroll in Medicare Part B because you had delayed it.
- A “Special Enrollment Period” (SEP) lasts for an 8 month period without receiving a Part B penalty. Enroll after the 8 month window and you will receive a Part B penalty which goes all the way back to the day you turn 65. If you get sick and have not enrolled in Part B, you may not have any of the benefits Medicare Part B provides.
- 2 forms that Social Security will send you (#1 Form #QMB No0938-0787 Request for Employment Information and #2 Form HCFA-40B Application for Enrollment in Medicare).
Answers to your questions:
- Once the employment form is signed by your company and you are ready to get off your company benefits. Take both forms to your local Social Security office for your Medicare to begin.
- Once you have Parts A and B in place, then you can make your choice for a Medicare Supplement and a Part D prescription drug plan or a Medicare Advantage plan.
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Toni King is the author of the Medicare Survival Guide®, which is on sale at HERE. For a personal consultation, please contact Toni at Ask Toni. Tonisays.com is expanding in January with Medicare Peace University. Visit Medicare Peace University for more information.
