I'll be 65 soon and plan to keep working for several years. People tell me if I don't sign up for Medicare I'll get penalized for not signing up. What should I do?
It is true that there are financial penalties sometimes with Medicare. However, it’s very important to know if and when those penalties would occur and how to avoid them.
Depending on the number of employees your company has, you may be able to waive Medicare Part B without any penalties, stay on your group insurance, and enroll into Medicare at a later date saving you thousands of dollars per year. But many group policies have become more expensive over the years and depending on your out-of-pocket costs, it may be beneficial for you to start Medicare as soon as possible.
Our team can help you compare your options.
My only income is my social Security check and it's not very much. Medicare is already taking money out of my check. How can I afford any extra insurance?
There are several Federal and State programs available for people who have limited income.
A program called the Medicare Savings Program that is ran by Medicaid could not only pay that monthly Medicare cost, it could also help you with copays and deductibles.
There is also a Federal program called Low Income Subsidy that is ran by Social Security that helps pay for prescription drug costs. Our team understands the income requirements for those programs and can assist you with applying for them.
I am not 65 but was able to draw Social Security early due to a disability. When will I be eligible for Medicare?
Typically, once a person is approved for Social Security Disability they will be eligible for Medicare two years after they first applied for disability benefits.
Some conditions like ALS will award Medicare to an individual immediately without having to wait two years. Medicare for a person under the age of 65 has the same benefits as a person 65 or older.
Who is Medicare Advisors of Alabama?
We are a locally owned insurance agency located at 2116 Columbiana Road in Vestavia.
We specialize in Medicare education, assistance, and enrollment into insurance products such as Medicare Supplements, Medicare Advantage, and stand – alone prescription drug plans. Even though we work with all the major carriers in Alabama, we represent our clients, not a specific insurance company.
What doest your service cost?
Our advice is always free.
If we help you enroll in a plan the insurance carrier pays a commission. Medicare requires each company to pay the same commission so there isn’t an incentive to suggest one plan over another. We are truly trying to give you the best advice possible.
When do you help?
For people who are turning 65 or past 65 and retiring, we’ll first help you understand the four parts of Medicare and then guide you through the enrollment process.
We’ll help make the transition from your employer’s insurance to Medicare so much easier.
If you’re already on Medicare, you can change plans during the annual election period known as AEP which runs October 15th – December 7th. We help you compare plans during this time, so you’ll always have confidence knowing you’re in the right plan each year.
Where can you help?
We can meet at our office, at your job, in your home, virtually via Zoom, or simply over the phone.
If we meet in-person, we’ll follow all public health guidelines and recommendations.
We teach Medicare 101 classes at our office or on-site at companies throughout Alabama. Many HR managers and employees alike have found the classes very helpful to learn the basics of Medicare and how to avoid penalties.
Why is medicare so confusing?
People ask me all the time why Medicare is so confusing, and I explain that it really isn’t if you know how to look at it.
The problem is our employer typically provides our health insurance and when a person becomes Medicare eligible, they’re facing health insurance decisions for the first time alone and making the right decision can be incredibly stressful. At the same time, they’re bombarded with TV ads, phone calls, and direct mail. It can be overwhelming.
Education is the key. Once someone with patience and the knowledge teaches you the questions to ask and then guides you through the process the whole thing becomes much less stressful. That’s what we provide, a stress-free Medicare experience.
How can someone become your client?
Becoming a client is easy.
Contact Us or call us at (205)704-9020 and let’s talk.
Our retail office is now open at 2116 Columbiana Road in Vestavia. We’re opened 9am-4pm Monday through Friday.