If you are collecting Social Security benefits you will be automatically enrolled in Medicare. You should receive your Medicare card in the mail approximately 3-3 ½ months before the month you turn 65.
If you are not collecting Social Security, you will need to go online and apply because you are not in the system. If you do not apply, you will not get Medicare on time. I always advise to apply 3 months in advance of the month you turn 65. For example, if you turn 65 in June, you will want to apply for Medicare in the very beginning of March.
Part A generally has no premium, as long you have worked enough quarters (40). Part B premium will be a minimum of $148.50 per month. If you are high income earner, you can expect to pay more. Medicare looks back 2 years on income. So if you are apply for Medicare in 2021, they will look at your income from 2019.
You have a 7 month window to apply for coverage. 3 months before you turn 65, the month you turn 65 and 3 months after you turn 65.
If you will be working and are employed by a company with more than 20 employees and you want to keep your group coverage, you only need to get Part A. You can Part B down the road when you retire and there will be no penalties as long as you can provide proof of credible coverage through your employer. ***There will be forms that you need to get filled out for that. Call me to discuss***
Lastly, your coverage options under individual Medicare will either to purchase a Medicare Supplement (Medi-Gap) plan and a stand-alone Part D drug plan or a Medicare Advantage Plan. Generally speaking, whatever coverage you decide, you will want it to start on the 1st day of the month you turn 65.