What to know about Medicare at 65

Turning 65 comes with a special gift from Uncle Sam. You become eligible for Medicare when you turn 65. As you get closer to your 65th birthday, Medicare will send you information about how to sign up and your options. 

You can choose a Medicare plan during that initial enrollment period, which runs from three months before your 65th birthday month and three months after as well. 

Is Medicare free at age 65?

Part A is free, as long as you paid Social Security taxes for at least 40 quarters. In other words, you would have needed to work and pay those taxes for at least 10 years. 

If you didn’t pay the taxes, you will have to pay monthly Part A premiums. People who paid fewer than 30 quarters’ worth of Social Security taxes must pay $505 monthly for Part A.

Part B’s monthly premiums are $174.90 (2024) for most Americans. However, Medicare beneficiaries with incomes more than $103,000 or $206,000 for joint filers pay higher Part B premiums. Both Parts A and B also have deductibles that you’ll have to pay before Medicare begins helping pay for care. 

Part A’s deductibles are $1,632. Part B’s deductible is $240. Once you reach a deductible, Medicare pays for a portion of your care. People with Original Medicare plans can get a Medigap plan that helps pay Medicare costs. 

Medicare Advantage also has monthly premiums. The exact amount depends on the plan, but the average monthly Medicare Advantage premiums are $23. Deductibles also vary by plan but can be much higher than Original Medicare deductibles. 

Part D additionally has premiums - an average of $30 a month - and deductibles

Before signing up for a Medicare Advantage or Part D plan, make sure to read the fine print to understand how much you’ll pay in premiums and your deductibles, coinsurance, and out-of-pocket costs. These costs vary by plan, so run those numbers to figure out which one is better for you. 

What happens if you don’t sign up for Medicare at 65?

If you don’t choose a plan at 65, you’ll get put on Original Medicare - Parts A and B. 

As we mentioned, Part A is free to most Americans - as long as you paid at least 10 years of Social Security taxes. You’d have to pay Part B premiums if you don’t deny that coverage or don’t choose a Medicare Advantage plan. 

Can you make changes to Medicare after you turn 65? 

Medicare has an open enrollment period between October 15 - December 7. During that time, you can change plans. 

You’re not locked into the Medicare plan for life. Instead, you can make changes each year during open enrollment. 

Another time when you can make changes is if you experience a qualifying event for a special enrollment period. A special enrollment period could kick in if your spouse dies, you move to another state, or you lose other health benefits. 

If you’re turning 65 in the near future, schedule a consultation with us today to get the customized help you need: https://www.strivemedicare.com/booknow