Ready or not, if you are turning 65, life is changing. Perhaps you are ready to retire and catch up on some traveling. Perhaps you intend to keep working a bit longer, but are planning to put in a few less hours. No matter what your 65th birthday brings, you can be sure of one thing. Your health insurance options are going to change significantly. Being prepared for Medicare is one of the smartest things you can do as you approach this major milestone and Blue Cross Blue Shield of North Carolina can help.
Here are some things you can do to prepare:
- Learn about Medicare enrollment periods: The Medicare enrollment periods are different than the enrollment periods for individuals under the age of 65. In addition, there are a number of different enrollment periods, such as your Initial Enrollment Period (IEP), the Annual Enrollment Period (AEP), and Special Enrollment Periods (SEP) with which you need to be familiar.
- Learn what the different parts of Medicare cover: There are a few different parts to Medicare coverage and each of those parts cover different things. Understanding what Medicare Parts A, B, C and D cover, and don’t cover, is essential to you obtaining the right amount of coverage for your healthcare needs.
- Decide whether a Medicare Supplement is right for you: Even before you are eligible for Medicare, review your options. Explore Medicare Supplements and Part D Prescription Drug Coverage and begin deciding what plans work best for you. Consult with a licensed Medicare Agent to discuss available plans and begin thinking about what kind of plan best fits your budget and your lifestyle.
- Don’t wait too long to enroll in Medicare: If you wait to long to sign up for Medicare, you could incur a penalty. Gather the information you will need to get enrolled in Medicare as efficiently as possible.
- Mark your calendar: Three months prior to your 65th birthday is when your Initial Enrollment Period begins. In order to ensure that you are covered with BCBSNC by your 65th birthday, you need to enroll in Medicare and make a final selection, whether it be a Medicare Supplement or other type of Medicare plan.
Keep in mind that Original Medicare (Parts A and B) will likely not cover all of your health expenses. Blue Cross Blue Shield of North Carolina can help fill the gaps with Medicare Supplement plans that help pay for things Parts A and B don’t cover, like Medicare copayments, coinsurance and deductibles. You cannot get a Medicare Supplement plan through the federal government as they are run by private insurance companies such as BCBSNC and regulated by the state.
Turning 65 is an exciting milestone! Let NC Health Plans and BCBSNC help you navigate your way through the changes in your health insurance so you are prepared for Medicare. For more information on North Carolina insurance coverage, please visit our website at www.nchealthplans.com or call our toll free number 888-765-5400 and speak with one of our experienced and professional agents.
