Hi. I’m Matthew Claassen with MedigapSeminars.org Welcome to our free online, on demand, video series helping you understand Medicare and your Medicare choices. This series of free on demand videos is designed specifically for those who are, or will soon be new to Medicare. In this series of videos and we’ll cover every topic that you need to know about Medicare to make an informed decision with your Medicare choices. If you find the information in these videos useful, chances are others will to. Please“Like”this video on YouTube, and share with your friends on social media. The more you“Like”it on YouTube, the more likely your friends are to find it with those are searching for Medicare help, just like you. 10,000 people turned 65 every day in the United States, and this pace is expected to continue for at least another decade. You’re not alone in having to learn about Medicare and decide which choices in Medicare are right for you. Medicare is not complex but it does involve learning a new terminology an area that can be confusing and it may involve making decisions in an area in which you’re not yet comfortable. Our first word of advice is; as you go through the details on Medicare don’t get stuck where you can see the forest for the trees. We will go over every step and everything you need to know to make an informed decision. But the right decision isn’t going to come by comparing this deductible to that deductible or co-pay. It’s going to come from asking yourself;what is it that you want out of your Health Care? What do you need?The objective of insurance, any insurance is to transfer the financial risk of an unexpected event away from you and onto the shoulders of an insurance company. You don’t necessarily need your insurance to pay every dime of of every bill that you received. In fact insurance companies love two types of people. One is the person two doesn’t shop for their insurance, and assumes they are all the same. The other is the person who wants 100% coverage. Both of those types of people will often overpay for the insurance policy. As you begin researching Medicare, one of the first steps that you should take is to go online toMedicare.gov. and ordere two free publications produced by Medicare. The first being theMedicare & Youguidebook and the secondChoosing a Medigap Policy. Simply go to Medicaregov. Type in “publications” in the search bar. That fist coice will bring you to where you can order your free publications. You can get these in hardcopy, mailed to you. You can also download a copy on to your computer. I personally like a downloadable version because in that form I can simply typeF,which is a “Control Find” feature, and a search bar will come up to find anything I am looking for within those publications. When you’re ready to enroll in Medicare you do so through Social Security. You can go to the Social Security Office or SocialSecurity.gov website. They also have many useful retirement calculators to factor in your Social Security income Take note: full retirement age for Social Security for those of us born between 1943 and 1954 is at 66 years old, not 65. Every year you delay your Social Security income, up to age 70, increases your income by 8%. Use the calculators on the Social Security web site to see if delaying your Social Security income is right for you. If you already receive Social Security income, than you will automatically be enrolled in Medicare Part A & Part B. Your effective date will be the first day of the month that you turn 65. Unless your birthday is the first day of the month. Then it is the month before you turn 65. If you are automatically enrolled, expect your Medicare card to arrive about 90-days before it’s effective date. If you are under 65 and disabled then you will automatically get your Medicare Parts A & B when you have been disabled and on Social Security income for 24 months. There are exceptions to this. For example, if you have ALS you’ll get your Medicare right away. Your Medicare Service is divided into parts. For example, Medicare Part A, Medicare Part B, Medicare Part D. We will go over each of these in detail in later videos. For now understand that Medicare Parts A and Part B are the foundation’s, the pillars of Medicare Medicare Part A is that which covers your inpatient hospital expenses. Medicare Part B is the insurance that covers your out-patient and Physician Services. You can sign up for all parts of Medicare during what is called your initial enrollment. The initial enrollment period is a seven month. It encompasses three months before you turn 65, the month you turn 65, and three months after you turn 65. Sign up early because there are penalties and delays for signing up late. Medicare Part A is free to anyone who is eligible for Social Security income. Medicare Part B has a monthly premium. As of 2016, the monthly premium is approximately $121 a month for those who were making $85,000 a year or who file jointly and have an AGI of $170,000 or less. If your income is higher, then your Medicare Part B premium will also be higher. That Medicare Part B premium is typically taken directly from your Social Security income payment. If you are delaying your Social Security income, you’ll need to find another source from which the Medicare Part B can be payed. You do not need to start Medicare part A & Part B at the same time. Now this is important; if you will continue Health Care coverage through your employer or through your spouse’s employer and have credible healthcare coverage, you can delay a starting your Part B. And you should delay starting your Part B. What you’ll want to do is talk to your employer benefits provider and find out from them how they handle your turning 65 and on Medicare. You should do this and five of six months before you turn 65 For smaller businesses, those with fewer than 20 employees, Medicare would take precedence over any of your other insurance coverage. And, as a word of caution, not all credible health coverage includes credible prescription drug coverage. If it doesn’t, then you will need to get a Part D prescription drug plan. Check again with your employer. If it is credible coverage then they will be providing you a letter every year stating that you have credible coverage for prescription drugs. You use that letter when you do eventually sign up for Medicare Part D, so that you’re not penalized. So to recap: Your initial enrollment period is seven months. It starts three months before you turn 65, includes the month you turn 65 and the three months after you turn 65. You enroll in Medicare through Social Security. Anyone eligible for Social Security income gets your Medicare Part A for free. Medicare Part B has a monthly premium. You can start your Part A, and typically it’s done because it’s free, but delay your Part B if you have other credible insurance coverage. We encourage you to start researching and investigating at least 5 to 6 months before you turn 65. In the next video we will be covering Medicare Part A & Part B in detail. If you like this video and video series, then pleaseLikethis video on YouTube. Share it with your friends and check out the other videos in our series at MedigapSeminars.org I am Matthew Claassen withMedigapSeminars.orgThank you for watching.