Navigating the Medicare system can be confusing and frustrating. I try to make that process easier. Annual enrollment is coming up next month, running from October 15 through December 7. My advice is to pay close attention to your letter with your annual notice of change, as premiums and co-pays could triple this year. Below are answers to five commonly asked questions about Medicare:
1. Is it mandatory to enroll at 65?
If you are working and your employer has over 20 employees and you have employer coverage, you can defer Medicare until you retire. If your employer coverage costs too much, you could take Medicare instead.
2. Will Medicare cover my younger spouse?
Medicare will not cover your spouse if he or she is not old enough to qualify. However, there are reasonable individual plans available.
3. Does Medicare cost?
Part A hospitalization does not, as long as you work 10 years and 40 quarters. Part B for doctors does cost and is determined by household income. After you get Medicare, you then choose between a Medicare Supplement and drug plan or a Medicare Advantage with drugs.
4. Can my spouse use my Medicare?
If your spouse is old enough but hasn’t worked, they can get Medicare through you if you were married for 10 or more years. If you choose to remain working, your spouse can stay on your employer plan until you retire.
5. Can I postpone taking coverage?
If you don’t have employer coverage or benefits through the Department of Veterans Affairs, you would be penalized 1% each month you don’t take the drug plan, even if you don’t take any medicine. If you don’t take daily medicines, there are some plans that include drug coverage at no extra cost.
Misty Bolt, known as “Medicare Misty,” has worked as an independent insurance broker for more than a decade. Previously, she was a Medicare product advisor for BlueCross BlueShield of Tennessee.