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COBRA & Medicare - Don't Make These Crucial Mistakes - YouTube
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when people lose their group plans at
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work they're their spouses they're
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eligible for uh cobra insurance
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typically last 18 months or 36 months
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however
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there's a very unique rules whenever
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someone is on cobra
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and they're going to be eligible for
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medicare
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[Music]
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welcome to medicare school daily where
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we help you understand medicare save
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money avoid making mistakes and above
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all else get the most out of your
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medicare benefits now today's topic is
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this one how to avoid mistakes with
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cobra and medicare so that's what i'm
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going to address in this very brief
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video there's only two scenarios
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when people are on cobra and they are
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medicare eligible the first scenario is
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those that have already retired prior to
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65. now they're turning 65 and they're
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covered by a cobra insurance plan what
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do you do in that particular situation
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well you must start your medicare a and
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b during your initial enrollment period
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and the reason for that is because the
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cobra insurance prior to 65 is the first
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and primary payer and your second you
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may have some co-pays or co-insurance
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but cobra pays first you pay second but
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once you're eligible for medicare you
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have to enroll into medicare to put them
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in the first payer position because once
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you hit 65 that covert plan will only
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pay second if you're enrolled in
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medicare it'll pay second to medicare if
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you don't you become the first payer and
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cobra becomes the second payer and so
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again we've got to enroll during our
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initial enrollment period and it's very
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important enroll at the proper time this
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is an example of an initial enrollment
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period all of us when we turn 65 have a
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seven month window to enroll into
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medicare and when we enroll determines
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when our coverage begins and so you want
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your coverage to begin the month you
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turn 65 if you're on cobra why because
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you want to put medicare in the first
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payer position so the way you would do
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that is you would enroll the first three
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months before you turn 65 that initial
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enrollment period actually lasts seven
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months but if i enroll the first three
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months then my coverage begins here
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medicare is in the first payer position
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and my kerbal plan will pay second but
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if i enroll the last four months now my
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coverage is going to be delayed and
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while medicare is being delayed you are
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put in the first payer position because
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remember cobra only pays second to
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medicare once you're eligible a lot of
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people mess this up and we don't want
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that to happen to you so we know that if
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we retire we're turning 65 on cobra
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we've got to start a and b and then
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there's something else that's also very
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important you must start your
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supplemental plan within six months of
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the part b effective date sometimes
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cobra is very low cost or free for
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people their previous employer pays for
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it and we want to use that to its
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fullest but we never want to use that
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beyond six months of our b day because
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after six months of being on medicare b
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if you ever want to get a supplemental
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plan now you have to medically qualify
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25 30 health questions check your
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medications get a statement from your
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doctor and so if there's any health
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issues you may not get that supplemental
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plan after six months of that b day so
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we always set it up so that we've got
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that uh subliminal plan uh that's gonna
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start within the six months of that
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medicare b date so you can avoid having
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to go through underwriting all right so
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that's one group of you turning 65 and
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on cobra the second group i want to
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address are those that decided to work
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past 65 you're 67 or 68 or 72 and now
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you're retiring and you're going to go
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on cobra what must you do again you're
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going to have to start your medicare a
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and b and notice when you're going to do
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it as soon as possible now you're going
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to start that in a different election
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period the initial enrollment period is
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long gone remember that was at 65. so
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beyond that we have to come in using
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what is called the special enrollment
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period and this is for people that
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didn't take medicare at 65 because they
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didn't need to there their spouse were
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working covered by a group plan but now
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they're retiring and now they're going
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to go on medicare using this special
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enrollment period there's two forms
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that's a part of the process of this
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special enrollment period we have to
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verify that you've been working and
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covered by group plan you are your
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spouses
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and when that coverage began and when
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that coverage ends and so that form is
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an l564 your employer fills it out the
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second form we have is called the cms40b
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and that's the form that we tell
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medicare when we want to start our
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medicare coverage so the l564 and the
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cms40b together submitted to the local
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social security office will start your
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medicare coverage on the date that you
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want to begin that's called the special
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enrollment period again we want to do
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that as quickly as possible why because
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when we enroll into medicare we're
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putting medicare in the first payer
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position now you may choose to keep that
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cobra but it's only going to be second
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to medicare and if you don't enroll as
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soon as possible who's the first payer
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you would be the first payer because
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cobra will only pay second once you're
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medicare eligible and just like it is
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when you're turning 65 we have six
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months of our b date to get a
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supplemental plan so once that b date is
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kicked in you're going to want to make
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sure that you get that supplemental plan
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within that six months so you can avoid
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the underwriting process so if you're
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medicare eligible because you're
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approaching 65 or you work past 65 and
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you're on cobra insurance in either one
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of those scenarios this is the necessary
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steps that you'll have to take to make
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sure that you get your medicare set up
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properly
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hey thanks so much for watching the
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video and i do hope that it was helpful
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now if you feel like you need to learn
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more about medicare to make sure you're
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making the right medicare decision
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really the best way and the easiest way
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to do that is to go to
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medicareschool.com
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that's medicareschool.com and you'll be
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given the opportunity to click on get
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the free workshop we call that the
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essentials workshop and i do all the
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teaching and there you'll learn all the
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ins and outs of medicare to make sure
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that you have an accurate and thorough
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understanding of how medicare works
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the second thing you can do is click
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where it says talk to a medicare guide
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and there you can actually set up a time
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where you can discuss your situation
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with the medicare guide they'll explain
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all your options and actually even walk
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you through the enrollment process as
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well if that's what you need to do and
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so go to medicareschool.com watch the
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workshop or talk to a medicare guide it
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will be our privilege to assist you
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further
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