I am about to turn 65 - what do I need to do?

Your birthday is coming, you are about to turn 65 and a few things are happening simultaneously:

• You are receiving tons of mail advertising Medicare plans

• Your phone is ringing off the hook and people are trying to talk to you about your Medicare needs - in fact they are telling you that you NEED to work with them

• Friends are offering advice about what you must do with regards to Medicare and some of it may actually be true (but a lot is not accurate).

So what do you REALLY need to do?

Well - I would say simply call us and we will provide you the help that you need at no cost to you. I would also advise you to look at our website for a lot of the answers that you are likely looking for, but for brevity sake I will summarize below in this blog.

If you are about to turn 65 - here is what you need to know:

1. If you do not have

health insurance from a work plan then you MUST sign up for your Medicare Part A & B. Failure to do so will result in a Late Enrollment Penalty. Additionally, you must also sign up for a Medicare Part D (Drug plan) even if you do not currently take any prescription medications. Failure to do so will incur a LEP as well.

1. If you DO have health insurance from an employer and you are going to keep working past age 65 you DO NOT have to sign up for your Medicare Part B. You can stay in your work insurance and will not face a Late Enrollment Penalty provided that whenever you do sign up for Medicare you submit a very specific form (#L564) to the Social Security Office. (Having said that, you CAN switch from your work insurance plan to a Medicare plan as often the Medicare plans are better alternative options for your healthcare).

2. If you do plan to sign up for your Medicare A & B, you have a seven (7) month window in which to do so. Those 7 months are as follows: 3 months before your birth month, your birth month, and three months after. Please note: Do is earlier rather than later. You want it to start of the 1st of your birth month so i always advise to do it early.

3. If you are already collecting your Social Security you do NOT have to sign up. They (SS) will a

utomatically enroll you and send you a card. (If you are not wanting to start your Medicare yet because you have a work insurance plan simply send it back as per the instructions.)

1. Lastly, I highly advise getting either a Supplement plan (Medigap) or an Advantage Plan as well. These plans minimize your financial risks and can provide other healthcare resources.

If you would like our counsel or assistance, please just fill out the "contact me" form and we will come alongside you to make sure that you have the best plans for your needs.