What to Know About Medicare Before You Retire

By on September 22, 2020

You are going to be retiring soon, which means you should start looking at Medicare. There are several things about Medicare that you should know before you retire so that you’re better prepared.

Apply Early

Medicare will be your primary health insurance when you turn 65. This means you need to apply during your initial enrollment period, which starts three months before your birthday. You want to keep that in mind and apply on time. A lot of folks overlook this and think it’s okay to wait for birthdays or maybe even later than that. The enrollment period continues beyond your birthday for four more months, but this process can take longer than you might expect. Issues could arise that could delay your enrollment, and you want to deal with that before your birthday.

Choosing Plans

It’s important to remember that Medicare is a little more complicated. There are several Medicare plans, and you will need to compare each option. You’ll find plans like A, B, C, and D. Each covers certain things, and because of this, you’ll want to learn more about each part. For example, part C is filled with Medicare Advantage plans, which are provided by private insurers to cover what Medicare can’t. If you believe you need plan C, you’ll want to compare Medicare Advantage plans to see which one works for you. Try to do the same with everything else Medicare offers so that you’re optimally covered.

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Automatic Enrollment

Some folks hear about being automatically enrolled in Medicare, and this is possible. If you happen to be on Social Security, then this will ensure you are enrolled in Medicare by the time you turn 65. Knowing this is possible is great because you don’t have to go through all that hassle. Now, just because you know this doesn’t mean you shouldn’t make sure you are automatically enrolled. You should make a call or contact Medicare to find out if this is going to happen. Keep in mind that if you miss your enrollment period, you could end up facing monetary penalties, and that’s no way of celebrating your birthday. Make sure you check before your birthday to be on the safe side.

It Isn’t Free

A lot of people think Medicare will be completely free, but that’s not the case. This program has a lot of parts that won’t cost you a dime, but there’s still a lot you have to plan for. Retirees are going to have deductibles as well as any costs linked to co-insurance. Some people might tell you part A is free, and this is true when talking about hospital insurance, but there is a lot more that won’t be covered. For part A alone, you’ll have to keep in mind it does come with a $1,364 deductible. This is something you have to worry about each time the benefit ends. Try to readjust your budget accordingly.

Doesn’t Travel

You are retiring soon, and this could mean you’ll start traveling soon, which is excellent. The only thing you have to remember is that your Medicare insurance won’t travel with you. This is something many people tend to overlook, and it ends up costing them a lot more than they bargained for should something happen. You don’t want to be in this position, and you don’t have to be. What you want to do is get some temporary health care travel insurance that’ll help you stay covered while you explore the world.

These are some things you should know about Medicare before you retire. You can talk to a Medicare expert to find out if there’s anything else you should know about.

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What to Know About Medicare Before You Retire