According to recent research data, 10,000 people turn 65 in America every day.
That’s a huge number of people who’re all enjoying an important milestone in life because this is the country’s median retirement age and also your entry into quality Medicare coverage.
If you want to learn more about Medicare benefits and how to enroll in order to get the most out of it, you’ve come to the right place.
As it turns out, it’s a pretty simple and straightforward process. Simply follow this checklist and enjoy your golden years with peace of mind.
- Check If You Qualify for Premium-Free Medicare Part A
Depending on your work history, you likely qualify for premium Medicare Part A which is free for US citizens as well as permanent legal residents.
The only requirement is that you’ve been up to date with your payroll tax payments for 10 years at least.
To find out if you meet the required criteria, give your local Social Security Office a call. You may also create an online account by visiting ssa.gov.
- Find Out When You Will Need Part B
Are you covered under your employer’s health plan in a workplace with more than 20 fellow employees?
Then you’ll have to wait until after retirement to sign up for Medicare Part B because then you won’t have your employer-based health coverage anymore.
A lot of people will hold out on retirement until they turn 66 so that they can get their full Social Security benefits, and you’re well within your right to delay Part B if the coverage that you get from your employer meets the minimum requirements set out by Medicare.
However, if the small business that you work for has less than 20 employees, then you’re free to enroll in Part B at normal retirement age.
Just make sure to bring it up with your boss before you turn 65 because you shouldn’t be paying for Part B if you don’t need Medicare.
- Decide on Social Security
Receiving Social Security can affect your ability to enroll in both Medicare Part A and B:
- You’ll get automatic Medicare enrollment if you take Social Security at 65 years of age.
- You have to get a separate Medicare application if you decide to forego Social Security when you turn 65.
- If you decide to enroll before you turn 65, you can do so by visiting ssa.gov.
- You’ll have to sign up for your Medicare by visiting a physical Social Security office if you decide to enroll after turning 65.
- Consider options such as the Mutual of Omaha Medicare Plan G.
- Check If Your Doctor Accepts Medicare
Make sure that your preferred physician actually accepts Medicare or else you won’t get much out of it.
If you’re going to retire in another town, make sure that the doctors you want in the new town accept Medicare as well.
- Learn More About Your Medications
Here are three important steps that contribute to aging into Medicare and affect your medications:
- Know what your medications are and in what doses to take them.
- Speak to your physician about the availability of generic and less expensive versions of your prescriptions.
- Ask your physician if you’ll be needing other types of medications now or in the future.