TRANSKRIPT 🔗
WEBVTT
00:00:00.080 --> 00:00:02.959
Hey, thanks for joining us on the podcast with Elite Insurance Partners.
00:00:03.279 --> 00:00:06.400
Yeah, we are really excited to get into today's deep dive.
00:00:06.719 --> 00:00:12.000
Exactly, because today we are taking a close look at the nuances of transitioning to Medicare.
00:00:12.240 --> 00:00:12.480
Right.
00:00:12.640 --> 00:00:16.719
Specifically looking at automatic versus manual enrollment.
00:00:17.199 --> 00:00:24.800
Which sounds a bit dry, but our mission here is really to help you confidently navigate your healthcare options as you approach 65.
00:00:25.120 --> 00:00:34.399
Exactly, to make sure you get your benefits on time and honestly just to avoid those stressful lifelong financial penalties that catch so many people off guard.
00:00:34.799 --> 00:00:44.479
Because turning 65 is um it's a massive milestone, but it also brings this uh looming cloud of healthcare decisions.
00:00:44.799 --> 00:00:45.679
Oh, absolutely it does.
00:00:45.840 --> 00:00:46.640
It can feel like a maze.
00:00:46.960 --> 00:00:47.039
Right.
00:00:47.200 --> 00:00:51.039
So let's start with the path of least resistance, which is automatic enrollment.
00:00:51.439 --> 00:00:56.799
If you're already getting Social Security or railroad retirement benefits, for at least four months before your 65th birthday, yes.
00:00:57.039 --> 00:00:57.200
Right.
00:00:57.280 --> 00:01:00.159
Then the government just handles the paperwork for you, no stress at all.
00:01:00.479 --> 00:01:02.240
It is incredibly smooth.
00:01:02.479 --> 00:01:06.879
I mean, your red, white, and blue card just shows up in your mailbox about three months early.
00:01:07.200 --> 00:01:10.799
And that sets you up with part A for hospital coverage and part B for medical coverage.
00:01:11.120 --> 00:01:11.519
Exactly.
00:01:11.680 --> 00:01:15.599
And your Part B premiums are just deducted right from your social security checks.
00:01:15.840 --> 00:01:16.319
So easy.
00:01:16.400 --> 00:01:18.400
Aaron Powell And it's not just for retirees either.
00:01:18.640 --> 00:01:24.959
I was actually surprised to learn this also applies to people under 65 if they've been getting disability benefits for 24 months.
00:01:25.120 --> 00:01:26.719
Aaron Powell or if they have ALS.
00:01:26.879 --> 00:01:29.200
That disability provision is a massive lifeline.
00:01:29.359 --> 00:01:29.760
Trevor Burrus Yeah.
00:01:29.840 --> 00:01:31.439
It offers seamless continuity of care.
00:01:31.519 --> 00:01:31.680
Trevor Burrus, Jr.
00:01:31.760 --> 00:01:31.920
Right.
00:01:32.079 --> 00:01:37.040
Without adding an administrative burden to someone who's already managing a serious health condition.
00:01:37.120 --> 00:01:39.680
Aaron Powell But here's where I think a lot of people might trip up, though.
00:01:39.920 --> 00:01:44.480
Say I'm holding off on drawing Social Security to maximize my payout at 70.
00:01:44.640 --> 00:01:45.920
Aaron Powell or if you are still working.
00:01:46.000 --> 00:01:46.400
Trevor Burrus Right.
00:01:46.480 --> 00:01:47.359
Yeah, exactly.
00:01:48.079 --> 00:01:51.439
Then I can't rely on the government to do this for me.
00:01:51.680 --> 00:01:53.840
I fall into that manual enrollment bucket.
00:01:53.920 --> 00:01:54.719
Aaron Powell Precisely.
00:01:55.040 --> 00:01:58.319
Because you aren't drawing those checks yet, you have to proactively apply.
00:01:58.400 --> 00:02:00.159
Trevor Burrus Through the Social Security Administration?
00:02:00.400 --> 00:02:00.640
Yes.
00:02:00.799 --> 00:02:02.959
And timing becomes absolutely everything here.
00:02:03.120 --> 00:02:05.599
You get this straight initial enrollment period.
00:02:05.680 --> 00:02:07.040
Aaron Powell That's a seven-month window, right?
00:02:07.280 --> 00:02:07.439
Right.
00:02:07.599 --> 00:02:11.919
It includes the three months before your birthday month, the month itself, and the three months after.
00:02:12.000 --> 00:02:16.960
Aaron Powell Plus, since you aren't getting Social Security checks, you get billed quarterly for part B.
00:02:17.360 --> 00:02:19.039
Which can be a lot to keep track of.
00:02:19.439 --> 00:02:19.759
Yeah.
00:02:19.919 --> 00:02:25.919
Managing quarterly bills and tracking a very specific seven-month window can honestly feel overwhelming.
00:02:26.159 --> 00:02:32.400
So if you are listening and you want to take the guesswork out of this, we at Elite Insurance Partners can absolutely help.
00:02:32.639 --> 00:02:32.960
Definitely.
00:02:33.199 --> 00:02:40.560
You can easily just fill out the form on the page this deep dive is on or call us on 877-324-1512.
00:02:40.800 --> 00:02:41.280
Exactly.
00:02:41.439 --> 00:02:44.400
We would be more than happy to answer any questions you have.
00:02:44.719 --> 00:02:49.120
Getting that guidance is critical because the risks of missing those manual deadlines are severe.
00:02:49.439 --> 00:02:53.039
Yeah, if you miss that window, you aren't just looking at a one-time late fee, are you?
00:02:53.199 --> 00:02:53.439
No.
00:02:53.599 --> 00:02:55.039
You face a permanent penalty.
00:02:55.199 --> 00:03:00.400
It's 10% added to your Part B premium for every full 12-month period you missed.
00:03:00.560 --> 00:03:04.560
A permanent penalty tacked onto your monthly premium for the rest of your life.
00:03:04.800 --> 00:03:09.680
Not to mention, you aren't entirely responsible for your own health care bills during any coverage gaps.
00:03:10.000 --> 00:03:11.280
That is terrifying.
00:03:11.439 --> 00:03:13.520
And the exceptions make it even trickier.
00:03:13.759 --> 00:03:18.639
A lot of people assume their COBRA coverage or a retiree health plan keeps them safe.
00:03:18.879 --> 00:03:21.680
But those do not count as active employer coverage.
00:03:21.759 --> 00:03:22.960
It is a massive trap.
00:03:23.199 --> 00:03:29.520
Imagine someone who retires at 65, keeps their excellent Cobra coverage, and thinks they are perfectly safe.
00:03:29.759 --> 00:03:36.080
Then two years later, they try to get Medicare and realize their Part B premiums are permanently 20% higher.
00:03:36.400 --> 00:03:37.599
Because they miss the window.
00:03:37.840 --> 00:03:39.199
Oh, and what about Puerto Rico?
00:03:39.439 --> 00:03:39.599
Right.
00:03:39.680 --> 00:03:46.319
If you live in Puerto Rico and receive Social Security, you get auto-enrolled in Part A, but you still must manually enroll in Part B.
00:03:46.560 --> 00:03:46.879
Wow.
00:03:47.120 --> 00:03:51.039
And even after you get enrolled, original Medicare leaves some pretty big holes.
00:03:51.120 --> 00:03:53.280
It covers 80% of outpatient services.
00:03:53.599 --> 00:03:58.879
But you are on the hook for that remaining 20% coinsurance, and that 20% has no cap.
00:03:59.199 --> 00:04:04.319
Meaning if you have a$100,000 medical bill, you are on the hook for$20,000.
00:04:04.800 --> 00:04:05.439
Exactly.
00:04:05.680 --> 00:04:13.360
That is why once your Part B officially starts, a crucial six-month Medigap open enrollment window begins.
00:04:13.759 --> 00:04:18.639
Which is your best chance to secure a policy that protects you from that massive financial risk.
00:04:18.959 --> 00:04:19.199
Right.
00:04:19.279 --> 00:04:21.519
It shields you from those huge gaps.
00:04:21.759 --> 00:04:23.680
And that is exactly where we step in.
00:04:23.839 --> 00:04:29.279
If you want a customized quote to avoid those potentially devastating 20% gaps, just fill out the form.
00:04:29.519 --> 00:04:34.480
Or call Elite Insurance Partners at 877-324-1512.
00:04:34.720 --> 00:04:40.720
So ultimately, the golden rule here is to begin reviewing your options at least six months before your 65th birthday.
00:04:41.040 --> 00:04:42.240
So what does this all mean for you?
00:04:42.399 --> 00:04:43.839
Well, it leaves us with this thought.
00:04:44.000 --> 00:04:49.680
If relying on standard safety nets like Cobra can secretly trigger lifelong Medicare penalties.
00:04:50.000 --> 00:04:56.000
What other comfortable assumptions about your retirement health care might be putting your financial predictability at risk?
00:04:56.240 --> 00:05:00.560
It really raises an important question, and it is definitely worth exploring as you plan your future.
00:05:00.879 --> 00:05:02.079
Thanks again for listening.
00:05:02.319 --> 00:05:08.560
Remember, to secure robust coverage and eliminate the worry of unexpected medical bills, we are prepared to guide you.
00:05:08.800 --> 00:05:12.480
Just fill out our form or call 877 324 1512.
00:05:12.720 --> 00:05:16.399
That is 877 324 1512.
00:05:16.639 --> 00:05:17.839
Speak with an expert today.