It’s ideal to start reviewing your Medicare options about 3 to 6 months before your 65th birthday. This window gives you plenty of time to understand the different parts of Medicare—Parts A, B, C, and D—and how they fit into your personal healthcare needs. Early planning helps you avoid late enrollment penalties, which can increase your Medicare Part B and Part D premiums if you miss key deadlines. Whether you're planning to enroll in Original Medicare, Medicare Advantage, or a Supplement plan, we help you prepare so that you can make the right choices based on your health and financial situation.

If you don’t sign up for Medicare when you’re first eligible, you could face penalties that will increase your premium costs:

• Part B penalty: You’ll pay 10% more for each 12-month period you could have had Part B but didn’t sign up.
• Part D penalty: This penalty applies if you go without Part D or other credible prescription drug coverage for more than 63 days after your Initial Enrollment Period. The penalty is 1% of the "national base beneficiary premium" multiplied by the number of months you were without coverage.

Our team at Quest Commonwealth ensures you understand your enrollment timeline to avoid these costly penalties.

Medicare Advantage and Medigap both offer additional coverage, but they serve different purposes. Medicare Advantage, also known as Part C, is an all-in-one plan offered by private insurers that includes all the benefits of Original Medicare (Parts A and B) and often extra coverage like vision, dental, hearing, and even wellness programs. It may also include prescription drug coverage (Part D), giving you a comprehensive healthcare plan through a private insurer. However, with Medicare Advantage, you may need to use a specific network of doctors and hospitals.

Medigap, on the other hand, is a supplemental insurance plan that works alongside Original Medicare. It helps cover out-of-pocket costs that Original Medicare doesn’t pay for, like copayments, coinsurance, and deductibles. Medigap doesn't offer additional services like vision or dental, but it provides more flexibility in choosing healthcare providers, as you aren’t limited to a network.

At Quest Commonwealth, we help you understand which option best aligns with your healthcare needs and budget by comparing costs, coverage, and provider access between Medicare Advantage and Medigap plans.

If you take prescription medications regularly, enrolling in a Medicare Part D prescription drug plan is highly recommended. Part D plans cover the cost of medications and can help you manage rising drug prices. Without prescription drug coverage, you could face significant out-of-pocket expenses for medications, as Original Medicare doesn’t cover prescriptions under Parts A and B.

Even if you aren’t taking any medications when you first enroll in Medicare, it’s often still a good idea to sign up for a Part D plan to avoid late enrollment penalties, which can increase your premium if you decide to join later. At Quest Commonwealth, we help you navigate the various Part D plans available, comparing premiums, copayments, and the drugs covered under each plan to ensure you choose the one that best fits your current and future needs, while keeping costs low.

If you plan to continue working past 65 and have employer-provided health insurance, you may be able to delay enrolling in Medicare without penalties. However, this depends on the size of your employer and the specifics of your coverage. In most cases, if your company has more than 20 employees, your employer coverage will be your primary insurance, and you can delay Medicare Part B without penalty. When you do stop working, you’ll have a Special Enrollment Period (SEP) to sign up for Medicare.