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Thinking about Medicare what you need to know

Posted on July 21, 2021 in Firm News

What do you need to know about Medicare before you turn 65?  Are you 64 – because if the answer is yes, then you need to be ready to sign up for Medicare.  You are eligible to sign up in the three months before your 65th birthday.  Medicare part A is for hospitalization, and it is free.  Medicare Part B covers things like doctor’s visits and basic tests and has a deductible which you must pay.  The amount you pay each month for Part B is based on your other income.  The base rate in 2021 is $148.50 per month.  This rate is available during that sign up window of three months prior to age 65 and three months after age 65.  If you don’t sign up within that window, the amount you will pay for Medicare Part B each month will be higher (forever).  Signing up is not as easy as it once was – so do start the process as early as you can.  You must establish a personal Social Security account, which can be done on – line.  Establishing your username may be more complicated than expected because it must be unique – don’t be surprised if your favorite username is already taken!  The Social Security Administration must see a certified copy of your birth certificate (not a copy but an original).  This requires either mailing it to them and hoping they get it – or taking it down to your local Social Security Office yourself.  Once they have all the necessary information, it can take another four to five weeks before you receive your Medicare card.  If you are eligible, don’t delay.  If you are unsure of how Medicare or Social Security benefits will affect your taxes, contact us at Ken R. Ashworth & Associates.