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Thread: Are you turning 65 or will this year or do you know someone who will, if so ths is 4U

  1. #1
    Join Date
    Oct 2006
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    somewhere east of Queen Creek, AZ - South East of Phoenix
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    8,529

    Are you turning 65 or will this year or do you know someone who will, if so ths is 4U

    In 1966 Medicare was enacted and the system had been designed to be self sustaining. Like any insurance policy it relied on a large number of people to participate in order to be viable . As long as someone worked and paid into the system for a minimum of 10 years their part “A”, hospitalization was paid and they would have hospital medical insurance. The part “B”, out patent care was designed to have a monthly premium and is an 80/20 type of insurance where you pay 20% after a deductible. It was assumed that everyone would go on social security at age 65 and at the time it was a pretty good assumption. To insure that everyone would sign up for medicare and pay the monthly premium the system was set up so that when you reached age 65 and were drawing social security you were automatically enrolled. Provision were made for those who had other such as VA or coverage through a pension plan or group insurance to opt out. Unless you had one of these they expected you to start paying the monthly part “B” premium. In order to prevent people from opting out just to save the monthly premium they set up a penalty system that would impose a 10% per year penalty if you decided to wait to get coverage and the penalty is permanent, that is it stays with you for life. Now fast forward to 2012, people are working past age 65 and taking their social security later, as a matter of fact they are being encouraged by the government to take it later and as a result a large and growing number of folks are missing there opportunity to sign up for there Medicare when they are supposed to. Because of the baby boomers coming to age 65 there are 10,000 every day turning 65. A very large number of these folks do not have medical insurance or will loose there insurance if they are self insured since most private health insurance stops at age 65. These folks don't know that they need to sign up for medicare. There window to sign up is fairly narrow. You have the 3 months prior to the month of your 65 birthday, the month of and 3 months after. If you miss this window you must wait until Jan, Feb or March of the following year and it will not take effect until July of that year. You will also pay a 10% per year penalty for the rest of your life. I just had to tell a guy who had his birthday last September that he will have to wait until next year and he will be paying120%month for his part B premium over what he would have paid had he signed up when he should. You may ask how big a problem is this well I have to tell folks this several times per month. Please if you are turning 65 or know someone who is turning 65 let them know. It is easy to do, just go to WWW.SSA.gov and sign up.
    Last edited by Don Baer; 06-13-2012 at 11:34 PM.
    "There’s a lot of work being done today that doesn’t have any soul in it. The technique may be the utmost perfection, yet it is lifeless. It doesn’t have a soul. I hope my furniture has a soul to it." - Sam Maloof
    The Pessimist complains about the wind; The Optimist expects it to change;The Realist adjusts the sails.~ William Arthur Ward

  2. #2
    Join Date
    May 2007
    Location
    Kansas City, Missouri
    Posts
    13,443
    Good information Don...Thanks!
    Darren

    To a small child, the perfect granddad is unafraid of big dogs and fierce storms but absolutely terrified of the word “boo.” – Robert Brault

  3. #3
    Join Date
    Jul 2007
    Location
    DSM, IA
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    5,719
    Don, I shared this info with a friends dad this weekend and he was shocked to hear it. Then his wife said to him, "Shut up dummy, I've got it covered!" Every male, including me, within hearing distance seemed to relate to her comment. Thanks for sharing!
    A man is rich in proportion to the number of things he can afford to let alone. -Henry David Thoreau
    My Website


  4. #4
    Join Date
    Oct 2006
    Location
    somewhere east of Queen Creek, AZ - South East of Phoenix
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    8,529
    If I can help just one person then this was a worthwhile post. I had another instance over the weekend where someone didn't know.
    "There’s a lot of work being done today that doesn’t have any soul in it. The technique may be the utmost perfection, yet it is lifeless. It doesn’t have a soul. I hope my furniture has a soul to it." - Sam Maloof
    The Pessimist complains about the wind; The Optimist expects it to change;The Realist adjusts the sails.~ William Arthur Ward

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