Transcript: Medicare Moment by Phil Moeller: The BENES Act

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Medicare Moment

with Phil Moeller – author, journalist and Medicare and retirement expert

SUPER: The BENES Act

Cut to Phil Moeller.

Phil Moeller: Hi. I’m Phil Moeller. Beginning in 2023, waiting periods for Medicare to take effect will be reduced, thanks to a new law called the Beneficiary Enrollment Notification and Eligibility Simplification Act.

SUPER: Beneficiary Enrollment Notification and Eligibility Simplification Act

Phil Moeller: Whew, that’s a mouthful! Thankfully it’s known in shorthand as the BENES Act.

SUPER: or BENES Act

Phil Moeller: So what does it do? People typically enroll in Medicare when they turn 65.

SUPER: People typically enroll in Medicare when they turn 65

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Phil Moeller: This initial enrollment period lasts for 7 months – beginning 3 months before the person turns 65

SUPER: This initial enrollment period lasts for 7 months – beginning 3 months before they turn 65

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Phil Moeller: If people delay enrolling until months 5 to 7 of this period, they are required under current Medicare rules to wait 2 or 3 months until their coverage takes effect.

SUPER: If a person delays enrolling until months 5-7 of this period…

They are required to wait 2-3 months until coverage takes effect

Phil Moeller: Under the BENES Act, these enrollments will take effect the following month.

SUPER: Under the BENES Act, these enrollments will take effect the following month.

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Phil Moeller: Medicare also has a general enrollment period for people who, for whatever reason, did not sign up during their initial periods. Long waits for coverage to take effect have been common. But starting in 2023, these enrollments will also take effect the month after a person enrolls.

SUPER: For people who didn’t sign up during their initial enrollment, starting in 2023, coverage will take effect the month after a person enrolls

Phil Moeller: Shortening coverage wait times is a great idea.

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