Some seniors, between the ages of 62 to 64, struggle with income and health care costs. Not a surprise, right?
Medicare routinely reviews the qualification income and asset limits for Medicaid, known as the Medicare Savings Program financial eligibility. The Medicare Rights Center shares How To Qualify for a Medicare Savings Program (MSP). Read More…
The Colorado Health First Medicaid program’s qualifying annual income level for one person (age 19 to 65) is $18,084 or less (before taxes) as of April 2023. Source: Connect for Health Colorado, 1/30/2022, phone number 1-800-633-4227; and https://www.benefits.gov/benefit/1621
This could happen to you – and you may not want Medicaid.
A few years ago, I worked with a single, retired client. Retiring at 62-1/2 and receiving social security, the government determined the annual income of $11,000 qualified my client for Medicaid and put them on the MAGI program, based solely on income data. This could happen to you – and you may not want Medicaid. Moreover, you are now confused about what to do as you reach 65 and must decide about Medicare and whether to keep Medicaid or not. This was the case for my client. And so, I now impart my learning moment with you.
The MAGI Medicaid program considers only your income. It does not account for all your assets or un-taxed sources of income. For some this is a frightening situation. Even when they didn’t want Medicaid, they were automatically enrolled and are now worried. What will happen if they are audited? Will they owe money back with penalties? Diligently, they file their taxes and check to ensure they reported all their income and all the information, and still, the Colorado Health First Medicaid program did not recognize and include some sources of income.
At 65, the questions become, “do I stay on Medicaid and add Medicare? Is that an option?”
Yes. If you need Medicaid and are now on Medicare, you should re-enroll into Medicaid. You may need some assistance and you can reach out to the county office, or by phone at 1-800-221-3942 / state relay: 711. Here’s a link for more information. https://www.colorado.gov/pacific/hcpf/colorado-medicaid , phone number 1-800-633-4227; and https://www.benefits.gov/benefit/1621 for more information.
However, what if you do not want to keep Medicaid? What do you do when you receive the form from the Social Security Administration asking for more information than just your income? Frustration does kick in. Why are they asking you about information filed with the IRS? Is this a Trick?
Not really and you do not have to fill in that social security form. In fact, once you receive your Medicare card you are dis-enrolled from the state Medicaid program on Medicare’s effective date! If you do not want Medicaid, never wanted it, then this is great news! Ignore the social security and any other Medicaid re-enrollment forms and enroll in a Medicare insurance plan.
Just some tips to help make the process a little easier.
You can enroll in Medicare three months before your 65th birthday. Here’s the link. https://www.ssa.gov/benefits/medicare/
Social Security and Medicare know about you if you are on Medicaid. Watch for your Medicare card to arrive about 30 days before your 65th birthday.
When in doubt, go to the Social Security Administration Medicare enrollment website.
The Medicare Part B (and Part A, if necessary) premium can be deducted from your social security check or you can choose to be billed for your premiums.
To obtain a Medicare insurance plan, like a Supplement or Medicare Advantage plan and prescription drug plan, you must be enrolled in Part A and Part B. Your enrollment effective dates will appear on your Medicare card and will be used when you talk to an agent or broker.
Should have Medicare and Medicaid, there are plans for you. You can look up these plans in your area. Take a Look at the Plans available in your area today.
Still have questions? We will help you with your sort through the details to help you with your decisions
Call me at 719-752-2215 or send me a message. There is no obligation to enroll. Let’s find you some answers to help you make the right choice for you.
By providing the information above, I grant permission for a licensed insurance agent to contact me regarding my Medicare options including Medicare Supplement, Medicare Advantage, Prescription Drug plans.