Know Your Options
Turning 65 opens the door to new health insurance options. But everyone’s situation is different. Select the circumstance that best applies to your current situation:
If You’re Going To Keep Your (or Your Spouse’s) Current Employer Coverage
You may need to enroll in Medicare Part B if your employer has fewer than 20 employees. If you don’t, you may
Ask your employer if your plan’s prescription drug coverage is as good as Medicare’s coverage (it’s called “creditable coverage”). If not, enroll in Part D to avoid penalties.
If You’re Not Keeping Your Current Employer Coverage
Take the following steps to ensure you have the right coverage in place when you turn 65:
- Talk to your employer to see if there are other options or plans available to people 65 and older.
- Enroll in parts A and B once you’re eligible.
- Consider Part C (Medicare Advantage) or supplemental plans for additional coverage. Medicare Advantage plans often feature no deductibles on medical services. They also often offer benefits that go above and beyond Part A and Part B coverage and may have Part D drug coverage included.
- Sign up for Part D prescription drug coverage.
If You Didn’t Purchase Your Current Coverage Through an Employer
For all other qualified health plans, you will need to enroll in Medicare Part A and Part B and have a prescription drug coverage that’s as good as Medicare’s standard plan (or enroll in Part D) to avoid penalties.
A Medicare Advantage plan is a great way to get all of these parts of Medicare in one plan. If you choose to keep your current coverage once you turn 65, you will lose any premium tax credits or other savings you are currently receiving. Since you will still need to enroll in Medicare Part A and Part B, a Medicare Advantage plan may be a better alternative.
If you have an Essential Plan, your plan will end at age 65, and you will need to enroll in Medicare for health coverage.
If you don’t sign up for Part B when first eligible, or maintain creditable prescription drug coverage, you may find yourself paying multiple penalties. Let us help you avoid potential problems. Contact an MVP Medicare Advisor at 1-800-324-3899 (TTY 711).
MVP Health Plan, Inc. is an HMO-POS/PPO/HMO D-SNP organization with a Medicare contract and a contract with the New York State Medicaid program. Enrollment in MVP Health Plan depends on contract renewal. MVP Health Plan, Inc. has been approved by the National Committee for Quality Assurance (NCQA) to operate as a Special Needs Plan (SNP) until 12/31/2024 based on review of MVP Health Plan’s Model of Care. Health benefit plans are issued by MVP Health Plan, Inc., an operating subsidiary of MVP Health Care, Inc. Not all plans available in all states and counties. Every year, Medicare evaluates plans based on a 5-star rating system. Out-of-network/non-contracted providers are under no obligation to treat MVP Health Plan members, except in emergency situations. Please call our customer service number or see your Evidence of Coverage for more information, including the cost-sharing that applies to out-of-network services. For accommodationsofpersons with special needs at meetings, call 1-800-324-3899 (TTY 711).
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Y0051_9080_M | Last Updated: 10/1/2023