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Are you turning 65 soon? Are you still employed at Lockheed Martin and covered by the group health insurance? Do you know when you are supposed to sign up for Medicare Part A and B? Are you confused? If you answered yes to any of these questions, then you’re in the right place. Keep reading to find out more about when you should sign up for Medicare Part A and B.
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Knowing when to sign up for Medicare Part A and B can be confusing, but let me help clarify some of the basic things you need to know. First and foremost, you never want to be late in signing up for Medicare as signing up late can and will often impose lifelong penalties which will end up costing you thousands of dollars over your lifetime. So, to help you avoid penalties make sure you are familiar with the following: you’re Medicare eligibility and the various enrollment periods
1. Medicare Part A – even if you are still working and covered by your Lockheed Martin group plan, each person should enroll in Medicare Part A during their initial enrollment period (IEP). The IEP runs the 3 months prior to the month in which you turn 65 and the 3 months after, giving you a total of 7 months of IEP.
2. Medicare Part B – if you are still working and covered by your Lockheed Martin group plan, then signing up for this portion of coverage may be delayed until the month in which you retire; however, it is important to double check this with your plan provider to ensure there have been no rule changes. If you delay and were not aware of any rule changes, then you may be putting yourself in jeopardy of having a lifetime penalty.
3. Medicare Part B – if you are retiring and will still be covered by your Lockheed Martin group plan, then applying for Medicare Part B in the month in which you will be retiring is ideal. If you don’t apply in your last month of being an active employee, then you must apply for Medicare Part B within the 8 months that follow to avoid a penalty, whether or not you signed up for Cobra.
4. Medicare Part B – if you are a spouse covered by a Lockheed Martin group plan, then your rules are the same as # 2 and #3 above.
5. Medicare Part A and B – if you have already retired and are covered by your Lockheed Martin group plan, then you must sign up for both Part A and B when you are first eligible in order to avoid penalties. If you missed your IEP, then you can still sign up during the general enrollment period which is between January 1- March 31; however, penalties may apply.
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Does your head hurt? It’s okay if it does that just means you’re normal. This can be very confusing. For further information, visit www.Medicare.gov and book an appointment with one of our Lockheed Martin Retirement Specialists today! They can help you better understand your options and specific situation.
For more tips like these, click here to sign up for our weekly email blog newsletter. If you would like to get better educated on Lockheed retirement strategies, click here to download our Free Report titled Retire with Confidence: The Top 4 Things You Can Do Now to Maximize your Lockheed Retirement. And, if you want to have face time with a Lockheed Retirement Specialist², you can click here to schedule an appointment, click here to sign up for our Lockheed Retirement Workshop or click here to just give us a call (817) 210-3444.
Be sure and check back next week for more incredibly valuable information. Cheers!
Financial Planning and Investment Advisory offered by SWMG, LLC a Registered Investment Advisor.
Lockheed Martin Retirement Specialist is not an official title or professional designation nor is it conferred by Lockheed Martin on any individual or company.
Our Complementary consultation and free report are for informational purposes only and provided free without any obligation to utilize or retain our investment advisory services.
SMWG, LLC is not affiliated with or endorsed by Lockheed Martin Corporation. Our expertise comes from working with LMT employees for several years and helping them to retire with confidence.
Investing involves the risk of loss, including loss of principal. Past performance does not guarantee future results. Investment products are not FDIC insured, have no bank guarantee, and may gain or lose value. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will be profitable for a client’s investment portfolio.
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