How to Plan for Your Retirement with Medicare in Mind

Many wonder what their health insurance situation will be like once they retire.  Losing your employer health insurance coverage can be stressful, but Medicare exists to solve this problem.  Medicare is health insurance that’s intended primarily for seniors.  The typical enrollment age is 65, though some can qualify earlier if they are disabled.

Why choose Medicare?

Because Medicare is intended for those in retirement, its coverage is aimed towards many of the costs that seniors typically encounter.  This type of coverage is incredibly beneficial and can save thousands, providing coverage for emergency medical care and life-saving surgeries.

Medicare is made to save beneficiaries money.  And, if you’ve been paying the necessary taxes, then you’ll receive Part A premium-free.  Making the right decisions when enrolling in Medicare is important and that process often begins before retirement.

Prior to retirement

Before you retire, there are a few things to think about.  Knowing when your employer health insurance will end is important so that you can plan accordingly.  Ideally, your Medicare coverage will be able to pick up when your employer health coverage ends.  Knowing which policy you want to enroll in before you turn 65 will make the process go smoother and simplify the enrollment steps.

Original Medicare or Medicare Advantage?

Picking between these two options is one of the biggest decisions that Medicare asks beneficiaries to make.  If you’re someone that wants to be involved in their policy, then Medicare Advantage might be the right choice for you. 

Keep track of enrollment dates

There are certain times when beneficiaries can enroll in Medicare.  Being aware of these dates is important, as you won’t want to miss the opportunity to switch policies or enroll initially.  If you’re worried about not being able to make a decision before the enrollment period ends, make an appointment to speak with an insurance agent.  They’ll be able to help you make the right selection.

Delaying your coverage could result in additional costs.  It’s typically best to enroll in Medicare when you’re initially eligible.  One of the exceptions to this would be if you’re still getting health insurance from an employer.

Decide whether or not to enroll in supplemental insurance

If you’re wanting to enroll in supplemental insurance, Medigap can potentially save you thousands.  Reducing the costs of those enrolled in Original Medicare, Medigap is a popular choice for those that want to prevent heightened medical bills.  If you’re going to choose Medicare Advantage, then you will not be eligible to enroll in Medigap.

Still have questions?

Planning for the future can be challenging and Medicare is no exception.  If you’re feeling stuck or confused about the different choices, make an appointment to speak with one of our professionals.  We’re here to provide clarity and guidance, so don’t hesitate to reach out.

Turning 65 Solutions can help you plan for the future.