Figuring Out Your Medicare Eligibility Age – Calculating your Medicare eligibility age to plan for your healthcare coverage when you retire is important. Medicare is a federal insurance program that covers people aged 65 or older. It also covers people younger than 65 with certain medical conditions and people with disabilities.
You will need your date of birth and the month you turn 65 to calculate your Medicare eligibility age. Here are the steps:
Step 1: Calculate your 65th Birthday. To determine when you turn 65, either uses an online calculator or subtract your birth date from the current year. If you were born in 2005 and the current year is 2021, your 65th Birthday will be in 2021. 2021 + 1955 = 66.
Step 2: Determine the month in which you turn 65. Once you have determined the year you will turn 65; you can determine the month in which you will be turning 65. This is crucial because Medicare coverage usually begins the day you turn 65.
Step 3: Calculate your Medicare eligibility age. Your Medicare eligibility age is usually the same as your 65th birthday. Your Medicare eligibility age will change if your 65th Birthday falls on the first of the following month. If your 65th Birthday falls on January 1, your Medicare eligibility age is December.
Step 4: Enroll in Medicare before 65. If you are approaching 65 but are not eligible for Medicare, it is possible to enroll in Medicare before your 65th Birthday if either you are disabled (ESRD), or you are otherwise eligible. You may be eligible for Medicare for a disability if you have received Social Security Disability benefits for less than 24 months. If you have ESRD, you might be eligible for Medicare anytime if you get dialysis or a transplant.
Step 5: Choose whether you want to enroll in Original Medicare or a Medicare Supplement plan. Once you have determined your Medicare eligibility age, you can decide whether to enroll in Original Medicare or a Medicare Benefit plan. Original Medicare, which is the traditional fee-for-service Medicare program, includes Part A (hospital coverage) and Part B (“medical insurance”). A Medicare Advantage plan, a private plan that provides Medicare benefits to beneficiaries, is a contract with Medicare.
Medicare Advantage plans can often provide additional coverage and benefits beyond Original Medicare. These include prescription drug coverage, routine vision, and dental care. They may have higher premiums or out-of-pocket expenses than Original Medicare.
Evaluating your healthcare needs and budget before deciding which coverage you should get is important. Compare the various types of Medicare coverage to find the one that suits your needs and finances.
Step 6: Sign up for Medicare during your first enrollment period. To enroll in Medicare, you must sign up during your IEP (initial enrollment period). Your IEP is seven months that starts three months before you turn 65. It also includes the month when you turn 65. It ends three months after you turn 65.
If your 65th Birthday falls in May, your IEP will start on February 1 and end on August 31. You can enroll in Medicare during your IEP without paying the penalty if you miss the deadline.
You may be eligible to enroll in Medicare even if your IEP is not completed. However, you might still be able enrollment during a SEP if you meet certain conditions. You may be eligible to enroll in Medicare if you meet certain conditions.