Three Things You Need to Do Just Before You Turn 65

Posted by Bryce Korngold
Estimated Reading Time 1 minute 44 seconds

65 years old is a milestone in life: a turning point when many people are aiming for retirement or are already retired. Whether you plan to continue working for a while or have the financial means to step out of the workforce, it’s critical to ensure you have the right type of healthcare coverage.

For most people, Medicare coverage begins at the age of 65. You’ll want to start preparing a few months before your birthday, so you don’t miss out on these enrollment opportunities. Here are three essential steps everyone should follow before their 65^th birthday:

Step #1: Review Current Insurance Coverage

Look at your current health insurance coverage through your employer or the insurance marketplace. Will this coverage change after you turn 65? Is it necessary for you to sign up for Medicare around your birthday?

If you need to sign up for Medicare and miss the Initial Enrollment Period, it can result in penalties and higher costs. So, even if you have a current health insurance plan, it’s still crucial that you talk to an insurance agent to learn more about Medicare coverage.

Step #2: Learn About Medicare Parts A, B, C, & D

Healthcare coverage varies depending on the type of Medicare plan(s) you choose. For example, original Medicare includes both Part A (hospitalizations) and Part B (general outpatient healthcare services). But there are notable gaps in this coverage, which is why many people choose a Part C and/or Part D plan as well.

Medicare Part C is the option to sign up for healthcare coverage through a private insurance company. These plans may include extra services. Part D is available to help with the costs of prescription medications.  Part D is available to help with the costs of prescription medications.

Step #3: Check Medicare Enrollment Periods

There are specific windows of time when you can enroll in Medicare. It’s essential that you mark your calendar, so you don’t miss these opportunities. For example, the Initial Enrollment Period happens the year you turn 65 and includes:

• Three months before your birthday month
• Your birthday month
• Three months after your birthday month

So, you have a total of 7 months for the initial enrollment.

Then, there is an annual enrollment period when you can change your plan if desired.

Insurance Advice for Personalized Medicare Coverage

Monarch Benefits offers personalized consultations to help you learn more about your Medicare coverage options.  Contact us to speak with a licensed agent any time for assistance.