When to Enroll in Medicare | Medicare Initial Enrollment Period

not sure when to enroll in Medicare in

this video I'll discuss when you should

enroll in Medicare depending on whether

you're still working and have other

coverage or whether Medicare will be

your primary coverage hi there if we

haven't met yet I'm Danielle Roberts

co-founder here at boomer benefits and a

member of the Forbes Finance Council I

share my best tips about Medicare here

on our youtube channel so be sure to

subscribe to our channel so that you'll

be notified when we post new videos if

you are turning 65 soon and you aren't

sure when to enroll in Medicare

stay tuned every year my team and I help

thousands of people with their Medicare

enrollment decisions and I'm confident

that we can help you too by the end of

this video you'll know the best time for

you to sign up so when should you enroll

in Medicare the answer depends on

whether you have other active health

insurance let's start with people who

have retired and have left their

employer coverage so if you don't have

other coverage and Medicare will be your

primary insurance you want to enroll in

both Medicare Parts A and B during your

initial enrollment period this period

lasts for seven months

it begins three months prior to your

65th birthday month runs through that

month and then extends three months

afterward as long as you enroll in both

a and B at this time you'll face no late

penalties although Medicare gives you a

seven month window for this we strongly

recommend that you apply prior to your

birthday so that your benefits will

begin on the first of the month in which

you turn 65 the reason is that if you

apply after your birthday your coverage

will have a delayed start date of up to

three months after you apply and this

could leave you without coverage in

between I should also mention two

additional points number one if you're

already taking Social Security income

benefits before you turn 65 Medicare

will assume that you've retired and

they're going to auto enroll you into

Medicare your card will just arrive in

your mailbox shortly before you turn 65

number two if you happen to have a

birthday on the 1st of the month your

coverage will actually start the month

prior so for example if you're born on

May 1st and you apply for Medicare in

the three months before you turn 65 your

benefits will begin on April 1st so that

covers people who are turning 65 with no

other coverage but what if you do have

other cover

if you're working for a small employer

with less than 20 employees Medicare

will still be your primary coverage so

you'll want to enroll in both a and B

during your initial enrollment period

failure to do so could result in your

paying for 80% of your outpatient

expenses even worse you'll be subject to

a late enrollment penalty later when you

finally do enroll in Medicare people

with TRICARE or with retiree coverage

should also enroll in Parts A and B at

65 because Medicare is primary in both

of those situations and your other

coverage is secondary lastly some of you

out there will be turning 65 while

you're still working at an employer with

more than 20 employees you'll have some

decisions to make about when you should

enroll because your employer coverage is

primary you can enroll in Parts A and/or

B to coordinate with that coverage most

people do enroll in Part A because it

doesn't cost you anything if you or your

spouse has been working in paying FICA

taxes for at least 10 years it doesn't

hurt to enroll in Part A and let it

coordinate with your group coverage it

could reduce hospital spending if you

have a hospital stay

however since Part B and D have monthly

premiums and your group coverage already

provides outpatient and drug benefits

you could delay those until you retire

you'll have a special election period at

that time to enroll in Part B and D and

whatever supplemental coverage you

ultimately choose now you also have the

option of leaving your employer coverage

while you're still working and electing

Medicare as your primary insurance

instead here at our agency we get lots

of phone calls from people in this

situation who want us to compare their

employer benefits and the cost of that

against the cost of Medicare with

supplemental insurance I would say that

about half the time it makes sense to

stay with your employer coverage and

delay your enrollment into Medicare

however there are many times we run the

numbers and we find that someone has

employer insurance which is either

really expensive or may have a very high

deductible and in some of those

scenarios it makes sense to elect

Medicare instead as your primary

coverage we're happy to help you assess

this at no charge one caveat for people

still working at a large employer if

your employer insurance is a high

deductible plan and you are contributing

to a health savings account then you

want to delay enrollment into all parts

of Medicare

it is not legal for you to continue

contributing into an HSA when you have

another form of insurance including any

part of Medicare now you know when to

enroll in Medicare so that you can avoid

penalties but what about how to sign up

and where you should apply I invite you

to attend one of our free noona medicare

webinars will recover all of this in

detail you can find a link to register

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and we'll see you in a future video