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If you’re 65 or older and lose your job, this is the time to sign up for Medicare
Due to the COVID-19 pandemic, the unemployment rate among people age 65 or older is now over 15 percent. For anyone 65 and older who is now unemployed or had health coverage through a now unemployed spouse, this is the time to sign up for Medicare. You have eight months to sign up for Medicare once you lose your workplace health insurance; this is called Special Enrollment Period. If you are thinking COBRA coverage is better than Medicare, remember you have to pay the full premiums instead of your employer paying some or most of those monthly amounts. Most importantly, COBRA coverage does not count as qualifying insurance in place of Medicare. If you miss certain deadlines for enrolling in Medicare without having acceptable coverage you will face penalties that will last as long as you have Medicare. To find out more about Medicare and its parts, click on link here…
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.