Approximately 4.4 million Americans will turn 65 in 2024, according to the U.S. Census Bureau. While age is just a number in some respects, this particular birthday marks the time when Americans become eligible for the federal health insurance program Medicare. And if you’re reaching this milestone soon, you’re in good company, as athlete, entrepreneur, and philanthropist Earvin “Magic” Johnson will be doing the same.
“I’ve been a rookie a few times in my life, but this time, I’m new to Medicare,” says Johnson.
Medicare is the government health insurance program for Americans aged 65 and older, and those under 65 with certain disabilities, providing hospital coverage (Part A) and doctor visits (Part B) for those who qualify. During this year’s Annual Enrollment Period (AEP) for Medicare, which runs from October 15 to December 7, 2023, newbies and veterans can enhance their health insurance selection plan with a little guidance.
Here are some tips from Cigna Healthcare, which serves millions of Medicare customers nationwide:
1. Don’t delay. Medicare has a seven-month window around your 65th birthday called the Initial Enrollment Period. Signing up outside this window may result in higher premiums for Medicare Part B for the rest of your life. However, if you are still working, you may keep your current plan, depending on the size of your company, and switch to Medicare without penalty when you retire. If you are not working and have already applied for Social Security, you will be automatically enrolled in Medicare Parts A and B upon turning 65.
2. Know what’s covered. Medicare Parts A and B are sometimes referred to as Original Medicare and cover hospital and medical expenses. To cover things like dental, vision, hearing, and pharmacy, you may opt for a Medicare Advantage plan (also known as Part C), which covers everything Medicare covers and provides additional benefits, including, in many cases, prescription drugs (also known as Part D). Assessing your budget, health needs, doctor preferences, and lifestyle will be important to make the best choice for you.
3. Read the fine print. Before enrolling in a private plan, make sure your favorite healthcare providers are in your network. While you can go out of network for care, be prepared to pay more if you do. You’ll also want to consider all costs associated with a given plan, including monthly premiums, copayments, and deductibles, as well as the pricing and rules around the prescription medications you take.
4. Ask for help. Turn to resources and platforms that can help ensure you understand the plan you are enrolling in. Call Medicare at 1-800-MEDICARE (1-800-633-4227) 24/7. TTY users can call 1-877-486-2048. Or, visit the Medicare Plan Finder website at Medicare.gov/plan-compare. For local assistance, check the State Health Insurance Assistance Program at www.shiptacenter.org. You can also contact individual Medicare plans, including Cigna at CignaMedicareInformation.com.
5. Use your benefits. For optimal health, make full use of your plan’s benefits. In particular, make sure to get the necessary wellness exams and preventive screenings for your age and health status. If your plan offers extras, such as fitness or nutrition programs, take advantage of them.
Source: StatePoint