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Steps to Take When Turning 65
Turning 65 is an important milestone in life that starts new chapters for individuals planning on retiring. While this can be an exciting time for seniors, it can also be stressful. It’s important to have a good idea about where to go and what to take care of once you turn 65.
While it should ultimately be less confusing than it seems at first, investing a bit of time to understand your options, requirements, and options in advance of that 65th birthday is a good idea.
Decide if you’ll retire or will keep working to age 70.
Many Americans still choose to retire when they turn 65, though it has become common for seniors to keep working past this milestone. Give your working future some thought and determine whether you plan to work into your seventies or prepare for retirement now. Requirement for retirement benefits might be met in the month of your 62nd birthday if you were born on the first or second day of the month. So better check out that opportunity!Get a complete physical.
Your health is one of the most important things to track and maintain, so if you have not yet had a complete physical, schedule one as soon as you turn 65. Having a doctor’s evaluation and recommendations can prolong your life and lead to a healthier, happier standard of living.Look into your Medicare options/benefits.
When you turn 65, you become eligible for Medicare and can begin the enrollment process. Depending on whether you’re planning to retire at this age, you may need to reach out to your local Social Security office to manually enroll. Additionally, it’s a good idea to ask for help when it comes to deciding on which Medicare plan fits your needs.Get familiar with the terms ‘Medigap’, Medicare Advantage, Initial Enrollment Period, Open Enrollment Period, In-Network, and Out of Network.
Medicare can be a learning curve. It’s in your best interest to familiarize yourself with the different terms included in your healthcare coverage. Learn about enrollment periods (both the initial enrollment period and the open enrollment period). Explore your coverage network (which doctors are in-network and which are out of network), as well as Medigap and Medicare Advantage.Medigap policies offer bonus coverage to individuals enrolled in Parts A and B. So it is best to do research and apply as early as possible since your coverage begins as soon as you turn 65.
If you are a member of Medicare Advantage Plan, the plan will give your Part A and Part B coverage, and it possibly offers additional coverage, such as vision, hearing, dental, and/or health and wellness programs.
Please note that COBRA coverage is not considered to be a health insurance plan for Medicare purposes. Neither does retiree coverage nor VA benefits. Most such plans include Medicare coverage for prescription drugs, though. The moment your employer coverage ends, you probably have a special enrollment period to sign up for Medicare Part B without receiving a late-enrollment penalty. Some other special circumstances may apply: You have health insurance through your employer and are still working. You can sign up for Part A and Part B anytime you want to. It is only permitted if: Your spouse or a family member (or family member if you’re disabled) is working for the employer who provides your health coverage. So if you do not have credible coverage, you may be subject to a penalty if you do not enroll in coverage during the first enrollment period. That is, in addition to any gaps in coverage when you decide to enroll. During this “Initial Enrollment period,” you can also add your eligible dependents to TRS-Care coverage. Not managing to sign up for Part B at 65 can result in a permanently higher monthly premium for your medical coverage once you eventually apply for it. Is Part B really necessary? Yes, it is. At least for TRS-Care participants. All TRS-Care participants who are eligible for Medicare must purchase and maintain Part B to have TRS-Care coverage. As a TRS-Care retiree, you can also add eligible dependents to your TRS-Care coverage when you reach age 65. You may want to learn more about Veterans Benefits or coverage for veterans. Some include the Veterans Disability Pension, Aid and Attendance, prescription drug coverage, and long-term care coverage for veterans and their spouses. There are very few alternatives to Medicaid and Medicare coverage for nursing home care. Philip Moeller, who helps people get through confusing Medicare requirements, said, that the hospital coverage you get free through Medicare Part A can support the health insurance you obtain through your workplace insurance. If you are going to keep working after your 65th birthday, you can simply say on the Medicare form you fill out that you aren’t going to claim the form of insurance yet that includes doctor coverage because you have trustworthy coverage through work. (Check out faq.ssa.gov/link/portal/34011/34019/Article/3773/How-do-I-sign-up-for-Medicare.) In other words, you are not taking Medicare Part B at that time. This way, you’re well-informed and the new terms will not come as a surprise.
