Turning 65 — What Should I Do About Medicare?
Turning 65 is an important Medicare milestone, but everyone’s situation is different. You may be retiring, continuing to work, covered through a spouse, or already receiving Social Security benefits. Before making a Medicare decision, understand your timing, your current coverage and the choices that apply to your situation.
Understand Your Timing
For many people, Medicare eligibility begins around age 65. Your Initial Enrollment Period generally spans seven months—beginning three months before the month you turn 65, including your birthday month, and continuing for three months afterward. When you should enroll can depend on your circumstances and other health coverage.
Understand What You Already Have
Before changing anything, identify your current health coverage. Are you covered through your own active employment, a spouse’s active employment, retiree coverage, COBRA, the VA or another source? Different types of coverage can affect Medicare enrollment decisions differently.
Choose Your Next Direction
Once you understand your timing and current coverage, learn the Medicare paths available to you. Start with Parts A and B, then understand how prescription drug coverage, Medicare Advantage and Medicare Supplement insurance may fit into the different coverage paths. The goal is to understand your choices before deciding what direction makes sense for you.
Things Worth Knowing
- Your Medicare Initial Enrollment Period generally lasts seven months: three months before the month you turn 65, your birthday month, and three months after.
- Some people receiving Social Security benefits before age 65 may be automatically enrolled in Medicare Part A and Part B. Others need to actively enroll.
- Continuing to work past 65 does not automatically mean you should enroll in—or delay—every part of Medicare. The type of employer coverage and your circumstances matter.
- Coverage through current employment can be treated differently from COBRA or retiree coverage under Medicare enrollment rules.
- If you contribute to a Health Savings Account (HSA), Medicare enrollment can affect your ability to continue making HSA contributions. Timing deserves special attention.
- Prescription drug coverage should be reviewed to determine whether it is considered creditable coverage for Medicare Part D purposes.
- Medicare does not pay 100% of all healthcare expenses. Understanding deductibles, coinsurance and other potential out-of-pocket costs is part of understanding your choices.
- Medicare enrollment rules vary by circumstance. Verify important enrollment dates and requirements with Medicare and Social Security before making changes to existing coverage.