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Hey, thanks for joining us on the podcast with Elite Insurance Partners.
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Yeah, we are really excited to get into today's deep dive.
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Exactly, because today we are taking a close look at the nuances of transitioning to Medicare.
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Right.
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Specifically looking at automatic versus manual enrollment.
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Which sounds a bit dry, but our mission here is really to help you confidently navigate your healthcare options as you approach 65.
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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.
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Because turning 65 is um it's a massive milestone, but it also brings this uh looming cloud of healthcare decisions.
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Oh, absolutely it does.
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It can feel like a maze.
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Right.
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So let's start with the path of least resistance, which is automatic enrollment.
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If you're already getting Social Security or railroad retirement benefits, for at least four months before your 65th birthday, yes.
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Right.
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Then the government just handles the paperwork for you, no stress at all.
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It is incredibly smooth.
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I mean, your red, white, and blue card just shows up in your mailbox about three months early.
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And that sets you up with part A for hospital coverage and part B for medical coverage.
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Exactly.
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And your Part B premiums are just deducted right from your social security checks.
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So easy.
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Aaron Powell And it's not just for retirees either.
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I was actually surprised to learn this also applies to people under 65 if they've been getting disability benefits for 24 months.
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Aaron Powell or if they have ALS.
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That disability provision is a massive lifeline.
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Trevor Burrus Yeah.
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It offers seamless continuity of care.
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Trevor Burrus, Jr.
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Right.
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Without adding an administrative burden to someone who's already managing a serious health condition.
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Aaron Powell But here's where I think a lot of people might trip up, though.
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Say I'm holding off on drawing Social Security to maximize my payout at 70.
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Aaron Powell or if you are still working.
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Trevor Burrus Right.
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Yeah, exactly.
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Then I can't rely on the government to do this for me.
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I fall into that manual enrollment bucket.
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Aaron Powell Precisely.
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Because you aren't drawing those checks yet, you have to proactively apply.
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Trevor Burrus Through the Social Security Administration?
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Yes.
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And timing becomes absolutely everything here.
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You get this straight initial enrollment period.
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Aaron Powell That's a seven-month window, right?
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Right.
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It includes the three months before your birthday month, the month itself, and the three months after.
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Aaron Powell Plus, since you aren't getting Social Security checks, you get billed quarterly for part B.
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Which can be a lot to keep track of.
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Yeah.
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Managing quarterly bills and tracking a very specific seven-month window can honestly feel overwhelming.
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So if you are listening and you want to take the guesswork out of this, we at Elite Insurance Partners can absolutely help.
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Definitely.
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You can easily just fill out the form on the page this deep dive is on or call us on 877-324-1512.
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Exactly.
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We would be more than happy to answer any questions you have.
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Getting that guidance is critical because the risks of missing those manual deadlines are severe.
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Yeah, if you miss that window, you aren't just looking at a one-time late fee, are you?
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No.
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You face a permanent penalty.
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It's 10% added to your Part B premium for every full 12-month period you missed.
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A permanent penalty tacked onto your monthly premium for the rest of your life.
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Not to mention, you aren't entirely responsible for your own health care bills during any coverage gaps.
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That is terrifying.
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And the exceptions make it even trickier.
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A lot of people assume their COBRA coverage or a retiree health plan keeps them safe.
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But those do not count as active employer coverage.
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It is a massive trap.
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Imagine someone who retires at 65, keeps their excellent Cobra coverage, and thinks they are perfectly safe.
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Then two years later, they try to get Medicare and realize their Part B premiums are permanently 20% higher.
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Because they miss the window.
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Oh, and what about Puerto Rico?
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Right.
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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.
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Wow.
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And even after you get enrolled, original Medicare leaves some pretty big holes.
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It covers 80% of outpatient services.
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But you are on the hook for that remaining 20% coinsurance, and that 20% has no cap.
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Meaning if you have a$100,000 medical bill, you are on the hook for$20,000.
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Exactly.
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That is why once your Part B officially starts, a crucial six-month Medigap open enrollment window begins.
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Which is your best chance to secure a policy that protects you from that massive financial risk.
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Right.
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It shields you from those huge gaps.
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And that is exactly where we step in.
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If you want a customized quote to avoid those potentially devastating 20% gaps, just fill out the form.
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Or call Elite Insurance Partners at 877-324-1512.
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So ultimately, the golden rule here is to begin reviewing your options at least six months before your 65th birthday.
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So what does this all mean for you?
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Well, it leaves us with this thought.
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If relying on standard safety nets like Cobra can secretly trigger lifelong Medicare penalties.
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What other comfortable assumptions about your retirement health care might be putting your financial predictability at risk?
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It really raises an important question, and it is definitely worth exploring as you plan your future.
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Thanks again for listening.
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Remember, to secure robust coverage and eliminate the worry of unexpected medical bills, we are prepared to guide you.
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Just fill out our form or call 877 324 1512.
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That is 877 324 1512.
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Speak with an expert today.