Medicare and Social Security Explained – Turning 65 in 2022

When you turn 65 in 2022, do you know your Social Security filing dates? If so, you’ll be surprised by the upcoming changes. In addition to learning when you will become eligible for Medicare, you’ll also learn about Medigap plans and Original Medicare costs. This article will provide you with valuable information to make informed decisions. You’ll be glad you read it!

Social Security filing dates for 2022

If you’re considering delaying your retirement, Medicare and Social Security filing dates for turning 65 in 2022 can help you decide which coverage you should get. Original Medicare is different from Medicare Advantage and requires a Part D plan for prescription drug coverage. Medicare Part A and B cover hospital care, but drug coverage is separate. You don’t have to quit your job just because you turn 65; you may be able to continue working and receive group health insurance through your employer.

You can sign up for Medicare and Social Security at the same time by applying online or by calling the Social Security Administration. The application will take about 10 minutes and is free. It also allows you to make any changes you need before you start receiving benefits. Go to the Benefits Decision Guide to learn more about Medicare supplemental insurance options. Once you’ve signed up for a plan, you’ll have six months to apply for additional Medicare insurance.

Medicare eligibility at 65

The onset of Medicare eligibility at age 65 is accompanied by a sharp increase in health care use. These gains differ from group to group, depending on the service received. Relatively inexpensive services and procedures are concentrated in the groups with the lowest pre-65 coverage and higher supplementary insurance coverage after age 65. The increase in health care use has been partly attributed to the shifting health care system from managed care to fee-for-service.

The window for enrolling in Medicare is usually three months before one’s 65th birthday. Social Security recipients will be automatically enrolled. People without Social Security must enroll in Medicare on their own, which they can do online, over the phone, or in-person at a Social Security office. People without Medicare coverage may not need to enroll in Medicare at 65 if they have an employer-provided range. If you are not eligible for Medicare, you should contact your employer to determine if you are still covered.

Medigap plan options for 65-year-olds

If you’re about to turn 65 in 2022, you might be wondering what Medigap plan options are available for your age group. While you can wait until your current employment ends to enroll in Medicare, you can still enroll in Medigap during the open enrollment, which runs for six months. You can also register in a Special Enrollment Period (SEP) if you have a pre-existing condition.

You can choose between issue-age-rated and attained-age-rated Medigap plans. The former offers lower premiums when you are younger and will not increase as you get older. The latter will increase in price every year, based on your current age and inflation. Both plans will cover some of the exact costs, but the difference is the premiums you will have to pay.

Cost of Original Medicare

You may have difficulty determining how much the cost of Original Medicare will be for you. Original Medicare is the federal health insurance program for people over 65 and with disabilities. Original Medicare includes Part A and Part B, which cover hospital and outpatient care. Part D covers prescription drugs. If you’re turning 65 in 2022, you may want to consider a Medicare Advantage plan (MA). However, if you’re still working, you may be able to get a group health insurance plan through your employer.

The cost of Original Medicare for turning 65 in 2022 will be approximately $158 per month. Depending on the age of your enrollee, this may be cheaper than a market plan. However, if you’re eligible for the marketplace subsidies, the costs may be higher. Before enrolling, you can learn about your Medicare options and eligibility for income-based financial assistance. You can also visit the National Council on Aging’s BenefitsCheckup website to learn more about the different plans available.

Cost of Part D prescription drug coverage

If you’re turning 65 in 2022 and don’t have Medicare, you’ll need to buy a stand-alone Part D prescription drug plan. You can also join a Medicare Advantage plan with drug coverage and then switch to Original Medicare within a year. You can also enroll as a young adult before turning 65. The annual open enrollment period for Medicare is from October 15 to December 7 each year. New coverage starts on January 1.

When you first enroll in your plan, you will need to pay a deductible. The program will set the deductible, ranging from $145 to $480. Some plans will charge a lower deductible, but it’s a good idea to check the coverage for the year 2022 so you can find an affordable plan. You should also check what the premiums will be for 2022. Some programs will stop covering certain medications or may move to a higher tier.