What Do I Have to Do Before I Turn 65? Your Medicare Checklist

Approaching your 65th birthday is an exciting milestone, but it also comes with important decisions regarding your health insurance. As you prepare to turn 65, it's essential to understand Medicare and how to enroll for the coverage you need. At Mountaintop Insurance Solutions in Bend, Oregon, we're here to help guide you through this process. If you have questions or need assistance, don't hesitate to call us at (541) 641-8886.

Understanding Medicare as You Turn 65

As you approach age 65, you become eligible for Medicare, a federal health insurance program for people 65 or older. It's crucial to understand the different parts of Medicare and how they can benefit you:

Medicare Part A: Hospital insurance, covering inpatient care in hospitals, skilled nursing facility care, hospice care, and some home health care.
Medicare Part B: Medical insurance, covering certain doctors' services, outpatient care, medical supplies, and preventive services.
Medicare Part C: Also known as Medicare Advantage, this plan includes both Part A and Part B and often additional benefits like prescription drug coverage.
Medicare Supplement: Also called Medigap, this helps pay some of the healthcare costs that Parts A and B don't cover.

Planning Months Before Your 65th Birthday

It's beneficial to start planning your Medicare enrollment months before the month you turn 65. Here's what you need to do:

Three months before your 65th birthday: Research your Medicare Plan options and decide if you need to sign up for Medicare Advantage or a Medicare Supplement plan.
Two months before: Contact the Social Security Administration to discuss your Medicare eligibility and explore your retiree coverage options if you are still working.
One month before: Finalize your choice of health plan and prepare to enroll in Medicare Parts A and B or your chosen Medicare Advantage Plan.

Enrolling in Medicare: What You Need to Know

The initial enrollment period for Medicare lasts seven months, starting three months before the month you turn 65, including your birthday month, and ending three months after. During this time, you can enroll in Medicare Parts A and B. Here's a checklist to keep you on track:

Determine your Medicare eligibility by contacting the Social Security Administration.
Decide whether to enroll in Medicare Part B based on your current health coverage and work status.
Explore Medicare Advantage Plans or Medicare Supplement plans if you want additional benefits.
Consider prescription drug coverage options to avoid any late enrollment penalty.

Social Security Benefits and Medicare

If you're receiving Social Security benefits before you turn 65, you will automatically be enrolled in Medicare Part A and Part B. However, if you're not yet receiving these benefits, you will need to sign up for Medicare yourself. Remember:

Check with the Social Security Administration about your retirement benefits from Social Security and how they affect your Medicare.
Decide if you want to enroll in Medicare Part B if you have other health insurance coverage through an employer or retiree plan.
Understand the implications of delaying enrollment, such as the late enrollment penalty for Part B.

Choosing the Right Medicare Coverage Options

Selecting the right Medicare Plan can feel overwhelming, but it’s crucial to choose the coverage that best meets your needs. Consider:

Your current health status and any ongoing medical conditions.
How often you visit doctors or specialists.
Whether you need prescription drug coverage.
Your budget for premiums and out-of-pocket costs.