Turning 65 in a year? Get ready for Medicare enrollment
Are you a year away from your time to sign up for Medicare? We’re here to support you as you decide what plan will match your personal wellness goals.
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How can I prepare for Medicare before I turn 65?
Start learning about Medicare before you turn 65 so you can understand your coverage options and enrollment timelines. Review the parts of Medicare, compare plans and explore ways to prepare for future health care costs.
Understanding the parts of Medicare
You may have heard of “Original Medicare” or “Medicare Part D,” but you may still wonder what they mean. It’s important to know about the parts of Medicare to get what you need out of any plan.
Medicare Parts A and B are known as Original Medicare. Original Medicare is provided by the federal government. Part A covers some of the costs of care from hospital stays or skilled nursing facilities. Part B covers basic medical care like lab tests and routine checkups with your doctor.
Medicare Part C is known as Medicare Advantage. Medicare Advantage plans are only offered by private insurance companies. These plans include all that you get with Original Medicare (Parts A and B). But they also come with added coverage for things like dental, vision and hearing care. The added benefits you can get with Medicare Advantage varies from plan to plan.
Explore Aetna Medicare Advantage plans
Medicare Part D helps to cover your prescription drugs. Part D drug plans are offered by private insurance companies. The drugs that are covered depends on each plan. If you have Original Medicare, you can sign up for a stand-alone Part D plan. Or, you can sign up for a Medicare Advantage prescription drug plan (MAPD).
The three main Medicare enrollment periods to know
A Medicare “enrollment period” is a time you can sign up for Medicare. There are a few different times you can sign up. But three times stand out among the rest:
Initial Enrollment Period (IEP): This starts three months before the month you turn 65 and ends three months after. This time includes the month of your birthday, so it’s seven months total. During this time, you can sign up for Original Medicare. You can also enroll in a Medicare Advantage plan or a stand-alone Part D drug plan.
General Enrollment Period (GEP): This happens every year from January 1 to March 31. You can only sign up for Medicare Part A or Part B (or both) at this time if two things apply. One, you didn’t sign up when you were first able to. And two, you don’t qualify for Medicare Special Enrollment Period (SEP).
Annual Enrollment Period (AEP): This happens every year from October 15 to December 7. You can use this time to switch to Medicare Advantage from Original Medicare, or vice versa. If you have a Medicare Advantage plan without drug coverage, you can also use this time to switch to one that has it, or vice versa. You can also join or drop a stand-alone Part D drug plan.
There are some other times when you may be able to change your coverage, including:
Medicare Advantage Open Enrollment Period (OEP): This period runs from January 1 through March 31 each year. If you’re/you are already enrolled in a Medicare Advantage plan, you can switch to another Medicare Advantage plan or return to Original Medicare (and may be able to add a Part D prescription drug plan). Unlike the Annual Enrollment Period, OEP is only available to people who are currently enrolled in a Medicare Advantage plan and allows for limited plan changes.
Medicare Supplement Open Enrollment Period: When you can switch Medigap plans.
How can I pay for health care costs as I age?
Making good choices about programs like Social Security and Medicare can really help you in the long run. Learn more about when you can sign up for Social Security and Medicare. And how these programs can work together to help you get the most out of your retirement.
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Commonly asked questions about preparing for Medicare before age 65
These questions are for people who are age 64 and preparing for Medicare coverage. Even if you are less than a year away from turning 65, it is still a good time to start learning about Medicare and reviewing your coverage options. Preparing as early as possible can help you avoid coverage gaps, late enrollment penalties and unexpected costs.
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It’s a good idea to start learning about Medicare about a year before you turn 65. This gives you time to understand the parts of Medicare, compare coverage options and learn about enrollment periods. Planning ahead can help you avoid coverage gaps and late enrollment penalties.
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People with higher incomes may pay more for certain parts of Medicare. Your income can affect your monthly Part B and Part D costs through an Income-Related Monthly Adjustment Amount (IRMAA). Reviewing your expected health care costs early can help you compare plan options and prepare your budget.
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If you retire before Medicare eligibility begins, you may need temporary health coverage until your Medicare coverage starts. Some people choose to get coverage through the Consolidated Omnibus Budget Reconciliation Act (COBRA). Others compare marketplace or short-term coverage options. Review costs, provider access and prescription drug coverage carefully before making a decision.
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When you move from employer coverage to Medicare, your spouse may lose coverage under your employer plan. Your spouse may need separate health insurance coverage until becoming eligible for Medicare. Review available coverage options and costs early so you can plan ahead.
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If you have a chronic condition, it is important to compare Medicare plans based on provider networks, prescription drug coverage and access to specialists. Some Medicare Advantage Special Needs Plans (SNPs) are designed for people with certain health conditions. Review plan details carefully to understand how your care and medications may be covered.
Compare Aetna Chronic Condition Special Needs Plans (C-SNPs) -
You can start researching Medicare supplement (Medigap) plans before your Medicare eligibility begins. Learning about costs, coverage and enrollment timelines early can help you compare your options more confidently. Your Medicare Supplement Open Enrollment Period begins when you are age 65 and also enrolled in Medicare Part B.
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Some Medicare Advantage Special Needs Plans (SNPs) are designed for people with certain chronic conditions, including diabetes. These Medicare plans may offer coordinated care and benefits tailored to specific health needs. You generally can’t/cannot enroll until you become eligible for Medicare, but researching plans early can help you prepare.
Explore Aetna Chronic Condition Special Needs Plans (C-SNPs)
What else can I learn about Medicare?
Learn about the other stages of getting ready for Medicare enrollment.
Learn from our free guide
Make sense of Medicare. Get the benefits and coverage info you need to make the right choice for you.
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Whether it’s time to sign up or not, you can review this year’s Medicare plans when you enter your ZIP code.
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