Seniors turning 65 have an obligation to themselves to learn what they can about the things that will be impacting them and their future. Social Security, Medicare, and retirement are all on the horizon. To prepare for those events, seniors turning 65 should learn about Medicare, decide between retirement and continuing to work, and get a physical to stay caught up on their health.
Malhotra & Assoc. Insurance is uniquely positioned to help you with this transition. Look to our team for guidance in the Medicare and retirement realm.
Learn About Medicare
When you are reaching the age that you have to plan for Medicare, you should do yourself a favor and learn everything you can about the different parts of Medicare, its costs, and how it works.
These parts include Original Medicare (which is Medicare Part A and Part B), along with Medicare Advantage plans, Medicare Part D, and Medicare Supplement plans (Medigap).
Medicare produces a comprehensive guide with updates every year called the “Medicare & You” Handbook. You can download this from Medicare’s website and use it as a primer and a reference as you begin your first years with Medicare.
Decide Between Retirement and Continuing to Work
You may know that when you choose to begin retirement can affect your compensation through Social Security. You can claim your benefits from Social Security as early as age 62 but will receive lowered monthly payments. For many people, full retirement age is 67. At that age, you can receive your full payments from Social Security. If you wait to claim your payments until you are 70, you can receive even more each month in payments.
While you are receiving Social Security payments, you will have to take notice of how much you are earning. If you make over a certain amount in income, you may have to count your Social Security payments toward your income taxes. If you wish to supplement your income and continue working, you may want to consider a part-time solution.
If you have group health insurance through your work, you can keep your insurance and still sign up for Medicare Part A when you turn 65. Medicare Part B has a late enrollment penalty for people who do not sign up within their initial enrollment period, but if you have creditable health insurance through an employer, you can wait to sign up for Part B without this penalty applying. When you are no longer employed by the company or lose insurance, whichever comes first, you have eight months to sign up for Medicare through your special enrollment period.
Get a Physical and Stay Caught Up On Your Health
Medicare has a “Welcome to Medicare” visit for every new Medicare beneficiary, covered by Medicare Part B. During this visit with your provider, you will have a physical and screenings for various conditions. Your primary care provider will discuss with you your medical history and any treatment plans you may have. You can expect to discuss your risk of depression and will have the opportunity to talk about documenting your plans for advance directives if you wish to.
When you have Medicare, you will need to pay attention to your health care. That means for every claim made to Medicare, you will need to verify that you received those services and your provider did not claim any treatments you did not receive. You can verify these on your statement from Medicare and report any discrepancies directly to Medicare.
Are you seeking additional guidance for when you turn 65? Our team can assist you with all things Medicare. Contact us today for more information.
Disclaimer: This blog post is meant for general informational purposes only and may not reflect your specific policy.