Turning age 64 does not come with instructions, so here are four things you should figure out before you apply for Medicare that will make the transition much smoother:
- Figure out your retirement date.
Will you continue to work or retire at Medicare age? Since Social Security’s idea of full retirement age is continually increasing, many seniors are opting to work past age 64. If you decide to retire, you can apply for Medicare as early as 3 months before your 65th birthday.
- Will you keep your employer coverage if you work past age 65?
If your employer offers credible coverage and you want to keep it, be sure to ask your benefits administrator if you will continue to be covered past age 64. If not, you should consider enrolling in Medicare once you are eligible to avoid late penalties.
- Find out what your current plan covers and compare it with Medicare plans if you are debating keeping your employer coverage.
Keep in mind that you may not be able to reenroll in your employer coverage once you end it, so it’s important to compare all aspects of coverage like your plan premium, deductibles, copays, and drug coverage.
- When do you want to start your Medicare?
If you plan on delaying coverage, make sure you have a plan in place because timing is everything when it comes to applying for Medicare. In most cases, you cannot have a Medicare Advantage plan or Medicare Supplement plan in addition to your Employer insurance. On the other hand, you do not want any gaps in coverage. Be sure to work with a licensed agent who can help you with an exit plan.
Turning age 64 is nothing to dread if you have a plan in place. If you need help preparing for Medicare, be sure to give AMAC’s Medicare Advisory Service a call at 1-855-611-4856 and one of our licensed Medicare Advisors can walk you through the process or request a quote below!
As a former agent, KNOW what Medicare “Supplemental” is and know that there is just a few weeks in which you can obtain it without passing a physical. Know this. Learning how to select the
correct Medicare plan requires as much knowledge as a 3 hour college chemistry course. Its not done by asking your wife “what do Margie and Ralph have ?”. This decision requires work….work…and more work. It literally takes days.
I agree! Knowing your plan options is important and they do take some time to comb through.
However, everyone has a 6-month window (following the start of your Part B) to enroll in a Medicare Supplement plan without going through medical underwriting. If for some reason you enrolled in Part B before you retired, you may still have a Guarantee Issue right (63-day window) to pick up a certain Supplement plan letter without going through underwriting.
Unless you speak to a licensed insurance agent, you may miss important enrollment deadlines or helpful plan information. Luckily, we have a team of experienced Medicare Advisors ready to help here at AMAC.
If you or someone you know needs help with Medicare, be sure to give us a call at 1-855-611-4856. Our Medicare Advisory Service is always free for everyone and there is never any obligation to enroll!