Question: “I lost my job and need Medicare. Now what?”
Losing a job can be a difficult and overwhelming experience, and the added stress of losing your health insurance benefits can make it even more challenging. Fortunately, if you are 65 years or older, you may be eligible for Medicare, which can help you maintain your healthcare coverage after losing your job. Here are some steps to take to set up Medicare after losing your job unexpectedly.
1. Determine your eligibility: The first step in setting up Medicare after losing your job is to determine your eligibility. To be eligible for Medicare, you must be 65 years or older and either a U.S. citizen or a legal permanent resident who has lived in the United States for at least five years. You may also be eligible for Medicare if you have a disability or certain medical conditions, regardless of your age.
2. Enroll in Medicare: If you are not already enrolled in Medicare, you can enroll by visiting the Social Security Administration (SSA) website or by visiting your local SSA office. You can enroll in Medicare during your Initial Enrollment Period (IEP), which is a seven-month window that begins three months before your 65th birthday and ends three months after.
3. Choose a Medicare plan: Medicare offers several different plans to choose from, including Original Medicare (Parts A and B), Medicare Advantage (Part C), and Medicare Prescription Drug Plans (Part D). You can choose the plan that best meets your healthcare needs and budget. If you need help choosing a plan, you can contact a licensed insurance agent or a Medicare counselor.
4. Consider COBRA: If you were receiving health insurance through your former employer, you may be eligible for COBRA continuation coverage, which allows you to keep your employer-sponsored health insurance for a limited time. However, COBRA coverage can be expensive, as you will be responsible for paying the full cost of your insurance premiums.
5. Apply for Medicaid: If you have limited income and resources, you may be eligible for Medicaid, which is a state-run program that provides healthcare coverage to low-income individuals and families. To apply for Medicaid, contact your state Medicaid agency or visit the Healthcare.gov website.
6. Don’t wait: It’s important to enroll in Medicare as soon as possible after losing your job, as there may be penalties for late enrollment. For example, if you don’t enroll in Medicare Part B during your IEP, you may have to pay a late enrollment penalty when you do enroll.
Losing your job unexpectedly can be a stressful experience, but there are steps you can take to maintain your healthcare coverage. By enrolling in Medicare, choosing the plan that best meets your needs, considering COBRA, applying for Medicaid, and not waiting to enroll, you can ensure that you have the healthcare coverage you need during this challenging time.
If you have any questions about answering the question “I lost my job and need medicare. Now what?” don’t hesitate to reach out to a licensed insurance agent or a Medicare counselor for assistance.
