Turning 65
Ken Connolly
Licensed Life and
Health Insurance Broker
Written 5/20/2023
Turning 65
Intro | Should I Take Medicare Now?
|How To Signup For Medicare | Medicare Secondary Options |
I'm Turning 65 But My Spouse Is Not |
Medicare Disability | Medicaid
Introduction
Congratulations on turning 65! While it may seem crazy you’ve gotten to this point, you are now able to go on Medicare if you choose. And many people are shocked at how great Medicare can be! We will now guide you through what to expect as you get close to 65.
Should I Take Medicare Now?
Despite what you may have read, in many cases you do not have to make Medicare your primary insurance at 65. And if you have a little bit of help and direction, avoiding the dreaded Medicare penalties is easy!
There are many variables to consider when turning 65. Do you have work insurance? Does your spouse? Are you on insurance from the marketplace with a subsidy? Do you have retiree coverage from your employer?
The best way to decide if you should go onto Medicare is to sit with one of our brokers and get a full Medicare education. Once you get that education, we will go over all your options based on your unique situation. We will compare your monthly premiums, deductibles, drug costs, and most importantly your Maximum Out of Pocket costs with each option available to see which is best for you.
How To Sign up for Medicare
Medicare is managed through Social Security. You can sign up for Medicare in many different ways. We recommend doing it through the www.ssa.gov online portal. You can also schedule an appointment over the phone or in person with Social Security, although these options often take longer to process.
We have helped hundreds of people sign up for Medicare the right way and are happy to help you do the same! Schedule an appointment with one of our brokers today to guide you through the process and make it easy.
Secondary Plan Options
While Original Medicare is great, the vast majority of people get additional Medicare secondary plans to get extra coverage and benefits. Here are some brief summaries for each option:
Medicare Supplements (or Medigap) plans help eliminate your Out-of-Pocket Hospital and Medical costs under Original Medicare for a reasonable monthly premium.
Medicare Prescription Drug Plans offer coverage for prescriptions, which Original Medicare does not cover.
Medicare Advantage plans bundle coverage for Hospital, Medical, Prescriptions, and more. These plans often also give added benefits such as Dental, Vision, Gym Memberships, and more.
I’m Turning 65 But My Spouse is Not
Medicare coverage is always individualized. While your spouse and you can get the same Medicare secondary plans, they are never bundled the same way employer insurance is.
Choosing to go onto Medicare when your spouse is under 65 is a big decision. We recommend speaking to one of our brokers to get a Medicare education and present a comparison of all your options. It can often be cost effective for one spouse to go onto Medicare and the other to stay on work insurance. The opposite can also be true. Speak with us to see what your best option is.
Medicare Disability
If you are on Medicare Disability, you have already taken Medicare prior to turning 65. The nice thing is that you now get another Initial Enrollment period to assess your Medicare options. If you would like to take a Medicare Supplement for the first time or would like to switch Medicare Supplements, you can do so without having to answer any health questions. You will also have some new Medicare supplement plans available to you.
For more information, click on the link to our article: Medicare Disability.
Medicaid
When you turn 65 and are on Medicaid, you may become "Dual Eligible". This is for people who are eligible for both Medicare and Medicaid. You can enroll in Dual Eligible plans that may have extra benefits Medicare and Medicaid do not cover.
When you turn 65, the standards for keeping Medicaid may rise. Be sure to keep an eye on your Medicaid enrollment status to see if you can continue to keep Medicaid.
For more information, click on the link to our article: Medicaid
