Turning 65 brings a mixed bag of emotions. It’s a time of excitement and one of anxiety for the uncertainty that lies ahead. What’s certain is that it’s time to have the right healthcare coverage.
65 is the age of Medicare eligibility for most people. Whether you’re retiring or want to work a bit longer, you should begin making preparations, so you don’t miss out on enrollment opportunities or make costly mistakes. Let’s explore three key things you need to do before you turn 65.
Review your current healthcare coverage
As you approach the age of Medicare eligibility, review your current healthcare coverage. Whether you have it through your employer or the insurance marketplace, you want to know if it will change once you turn 65 and whether you need to sign up for Medicare. You also want to know if your current plan can work with Medicare and if there will be no gaps in your coverage when switching to Medicare.
If you are signing up for Medicare, it’s essential to do so during the initial enrollment period. Missing this period can result in lifetime penalties and higher premiums. That’s why, even if you have a current health insurance plan, it’s important to seek expert advice to understand how Medicare works.
Understand your Medicare options
With different Medicare options available, understanding what each offers will enable you to choose the right one that suits your needs and finances. Original Medicare includes Part A (hospital insurance) and Part B (outpatient care). There’s also Medicare Advantage (Part C), which is offered through private insurers and provides the same coverage as Original Medicare in addition to other benefits such as dental, vision, hearing, fitness memberships, and so on.
You can also opt for Part D to get coverage for prescription drugs or Medigap, to help pay for costs not covered by Original Medicare. You can find more information on the Medicare website or by speaking with an independent Medicare insurance broker.
Know Medicare enrollment periods
Knowing when you can sign up for the different types of Medicare ensures you have the coverage you need and helps you avoid penalties and gaps in coverage. For instance, the initial enrollment period when you can sign up for Original Medicare, Medicare Advantage, and Part D is a 7-month window that includes the 3 months before your birthday month, your birthday month, and the 3 months after.
Other enrollment periods include the general enrollment period, which runs from January 1 to March 31 each year, the annual enrollment period, and the special enrollment period.
Don’t leave it too late. Get personalized Medicare advice today so you can make the best decision for your health and well-being.
As you approach 65, it’s time to prioritize your healthcare by choosing the right coverage for your needs. Medicare is complex and overwhelming, but it doesn’t have to be. Our team of independent insurance agents will walk you through your options and guide you in making the best decision for your health and finance. Schedule an appointment today.