Time is money. This well known expression is true in many areas of life. Time is precious and valuable. Now that you are nearing or in retirement, making the right Medicare supplement moves at the right time can save you thousands of dollars in health care expenses.
By some estimates, the average American retirement lasts about 20 years. Health care needs increase as we age and therefore health care is one of the largest expenses we face in retirement. Original Medicare can help offset many of these costs.
The Cost of Waiting
Signing up for Medicare at the right time is crucial. For example, if you are without health insurance when you turn 65 but fail to enroll in Medicare Part B when you are first eligible, you can be hit with a lifetime 10% penalty for each year you could have had Part B but didn’t enroll. For Part D, the penalty is even steeper. You will be charged 1% for every month that you were late signing up.
Maximize Savings by Enrolling at the Right Time
The best time to buy Medicare supplement insurance is during your personal Open Enrollment Period. Unlike open enrollment for employer plans which is the same for everyone in the company, with Medicare supplement plans you have your own personal open enrollment period, based on the first day that your Medicare Part B becomes effective.
For example, if your Medicare Part B coverage starts on March 1, your personal Medicare supplement open enrollment period would start on March 1 as well and last until August. During that six-month period, insurance companies must offer you a policy at the best available rate, regardless of your health. If you miss your personal open enrollment window, insurance companies could charge you a higher monthly premium or even deny you coverage altogether.
If you do not enroll for Part B in a timely manner, the General Enrollment Period would apply. Call us if you have questions or if this pertains to your situation.
Save Time and Money with TMA Insurance Trust
Making the right Medicare supplement decisions can be time-consuming and stressful. At TMA Insurance Trust we know you have better things to do with your time than pour over Medicare websites and printed materials. Our knowledgeable advisors are available to answer your questions with no cost and no obligation. We will help you find a Medicare supplement plan and prescription drug coverage that fits your health and your budget.
There’s no time like the present. Contact us today for a free consultation.
For over 60 years, TMA Insurance Trust advisors have been serving Texas physicians, their families and staff. TMA Insurance Trust prides itself on offering unbiased information and strategies to members, along with exclusive group rates on a range of the highest-rated plans in the industry.