Happy 65th Birthday! It affects your health insurance

BY IRENE C. CARD and BETSY CHANDLER

NEWJERSEYNEWSROOM.COM

YOUR HEALTH INSURANCE

When you turn 65, you may not be eligible for Social Security benefits, but you are eligible for Medicare. If you are not yet collecting Social Security retirement income (some folks start collecting a reduced benefit at age 62), you must apply for Medicare. You will automatically receive your Medicare card if you are already collecting Social Security. However, if you are NOT receiving Social Security income, you must apply for Medicare. Don't ignore it. You can enroll in Medicare at any time during your Initial Enrollment Period, a seven-month period, which includes three months before, the month of, and the three months following your 65th birthday. Unless you have coverage from your employer or your spouse's employer, with more than 20 employees, you should contact Social Security (1-800-772-1213 or www.Socialsecurity.gov to enroll in Medicare.

Even though you have a seven-month window of opportunity to enroll, you should apply for Medicare three months before your 65th birthday so that Medicare will be effective the first of the month in which you turn 65.

If you or your spouse work for a company with fewer than 20 employees, you must get Part A and Part B. If you cannot keep your group health insurance as secondary, you should purchase a Medicare supplement to pick up where Medicare leaves off. The same rule applies if you are retired. However, if you or your spouse work full-time for a company with 20 or more employees, and they offer health insurance, you do not want Part B. You can safely refuse it until such time as you or your spouse retires (depending on who has the insurance). At that time, you notify Social Security and get Part B with no penalty charges and you will be covered effective the date of retirement.

Medicare will pay for one routine physical if it is done within 12 months of your enrollment in Part B. This will include height, weight and blood pressure an EKG, education and counseling. Please note that this is a ONE-TIME only opportunity and must be completed within 12 months of the effective date of your Part B Medicare. Subsequent routine physicals will be covered by Medicare if there is a diagnosis. In the near future, I will write a detailed article about the "Welcome to Medicare" physical examination.

Irene Card & Betsy Chandler are licensed insurance professionals working at MIC Insurance Services, a health insurance services company. If you have questions relative to this column or other related topics, we invite you to call (973) 492-2828, or visit our web site at www.micinsurance.com.