Medicare at 65: What You Need to Know

When you turn 65–or retire after turning 65–one of the most important steps is enrolling in Medicare. This includes understanding your options for Part A (hospital insurance) and Part B (medical insurance), as well as deciding whether a Medigap plan is right for you to help cover additional out-of-pocket costs.

Key actions to take as you approach age 65:

Start by researching your Medicare options. Learn what each part of Medicare covers, how enrollment works, and whether your current physician accepts Medicare or is within the network.

Next, contact Social Security to begin the enrollment process. You can apply for Medicare through the Social Security Administration either online or by phone.

Take time to review your current health insurance. If you have employer-sponsored coverage, you’ll need to decide whether to keep that plan or transition fully to Medicare.

If you’re interested in additional coverage beyond basic Medicare, explore Medigap plans. These supplemental policies can help reduce expenses such as copays and deductibles.

You’ll also want to plan your Social Security benefits. If you haven’t already started claiming, consider when it makes the most financial sense for you to do so.

Review your overall financial picture by assessing your retirement savings and adjusting your budget as needed to support your long-term goals.

It’s equally important to update your legal documents. Make sure your will, power of attorney, and other essential paperwork are current and reflect your wishes.

Finally, consider whether long-term care insurance fits into your plans, especially if you’re concerned about future care needs.

Need help navigating your Medicare options and creating a strategy that works for you?
      Contact Scott Carpenter at Carpenter Insurance Services: scarpenter.onlinehealth.news