5 Things You Must Do When You Turn 65
The Baby Boomer generation has begun to head into retirement, with millions reaching retirement age every year. If you’re turning 65 soon, make sure to take these five steps to secure your Medicare coverage and prepare for retirement.
Mark the Medicare enrollment window on your calendar. You can begin enrolling in Medicare three months before your birthday month, throughout that entire month, and for three months afterward. Make sure you enroll in a Medicare plan before this window expires, because you could face higher penalties for life if you enroll too late.
Call your employer’s human resources department. If you or your spouse are still working, you might not be required to enroll in Medicare yet. It depends upon the size of your employer and the type of health insurance plan in which you’re enrolled. However, some people choose to enroll anyway, and then Medicare serves as supplementary insurance.
Make the first important choice. Will you enroll in Original Medicare (Parts A and B)? Or will you opt for a Medicare Advantage plan instead? Advantage plans roll Part A and Part B coverage into one plan that is administered via a network of providers. Many of these plans also include Part D (prescription) coverage and certain other additional benefits.
Consider additional options. If you choose Original Medicare, you should also consider additional options such as a Medicare Supplemental Plan (Medigap), which can cover out-of-pocket expenses. A Part D plan helps with the cost of prescriptions, and additional insurance such as vision or dental insurance can be a wise choice.
And since Medicare (Original or Advantage) offers very limited coverage with regard to stays in long-term care facilities, you might also consider enrolling in Long Term Care Insurance.
Call an insurance specialist. You’re entitled to free help when it’s time to enroll in Medicare. We can help you identify and compare all of your Medicare plan options when you turn 65, and each year thereafter when the Annual Election Period rolls around. And there’s never any cost to you! Just give us a call if you’re about to turn 65, and we can start helping you right away.