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A 65th birthday is a major milestone to celebrate. If you’re turning 65 next year, keep the following in mind:

Turning 65 What Do I Need To Know About Medicare

Turning 65 What Do I Need To Know About Medicare

Medicare coverage begins at age 65, with the first enrollment period beginning three months before the month of her 65th birthday and ending three months after. You can sign up for Medicare at age 65 whether you’re working or not, but know this: Part A, which covers inpatient care, is typically free for enrollees, while Part B, which covers diagnostic and preventive care, is chargeable. So if you’re still working at age 65 and have heavily subsidized health insurance through your job, it may not make sense to enroll in Part B right away.

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However, how you handle Part A in that situation depends on whether you have a Health Savings Account (HSA). Part A is free, so even if you have existing health insurance, it’s often to your advantage to enroll as soon as you’re eligible. Part A acts as secondary insurance and, in some cases, fills in gaps in your primary insurance plan.

But if you enroll in Part A, you won’t be able to fund your HSA, and you’ll miss out on many tax benefits and opportunities to save money for future medical expenses. Therefore, you should consider your decision carefully.

Once you turn 62, you can begin collecting Social Security. However, until you reach your Full Retirement Age (FRA), you won’t receive the full benefit you’re entitled to each month based on your earnings history.

FRA depends on your year of birth, so if you turn 65 in 2020, your FRA will be 66 years old and 2 months old. So if you file for Social Security at age 65, your monthly benefits will be about 7.8% lower than if you wait an additional 14 months.

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Note that although Medicare and Social Security are related programs, signing up for only one does not preclude you from signing up for the other. If you end up enrolling in Medicare in time for your 65th birthday, you can still put your Social Security claim on hold. In that case, you’ll have to pay your monthly Medicare premiums yourself instead of having them deducted from your Social Security benefits. This happens automatically when you start collecting. But if you don’t need Social Security income right away, it may be worth the slight inconvenience to avoid a benefit reduction.

Getting older has its upsides, and today, thanks to various discounts for seniors, life can suddenly become much cheaper. Once you turn 65, public transportation, hotels, dining, and entertainment can start to become cheaper. All that extra money can be helpful if you’re still working, but it’s especially helpful if you retire and move to a fixed income.

As you prepare to celebrate your 65th birthday, keep in mind what it means in terms of Medicare, Social Security, and savings opportunities. Also, take the time to enjoy the fact that you are getting older and wiser.

Turning 65 What Do I Need To Know About Medicare

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Everything You Need To Know About Medicare

Invest better with The Motley. Get stock recommendations, portfolio guidance, and more from The Motley’s premium services. Medicare gives millions of Americans access to health care. At the same time, this public health insurance plan does not work in exactly the same way as the private health plans most people enjoyed when they were younger.

Most people enroll in Medicare during the initial enrollment period. The IEP lasts 7 months, including 3 months before her 65th birthday month, her birthday month, and her 3 months after.

In some cases, people are still working after age 65 and have qualified health or prescription insurance. If private benefits are paid first, these people may be delayed in enrolling in Medicare. It’s important to make sure your employment-related health insurance pays out first when you turn 65, but that’s often not the case. To be sure, contact your benefits manager.

Original Medicare includes Medicare Parts A and B, and the combination of these two health insurance plans provides a wide range of coverage. Still, it doesn’t cover everything, and even covered medical services may have deductibles, coinsurance, or copays. Additionally, Medicare beneficiaries must still enroll in Part D because Parts A and B only cover prescriptions in certain situations.

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Like Original Medicare, Medicare Supplements do not cover most prescriptions, so beneficiaries also need Medicare Part D. Medicare Supplement plans, also known as Medigap, help pay for many out-of-pocket costs, including deductibles and copays. Supplements are provided by private insurance companies, but the government standardizes the benefits of different plan options. Although they come at a premium, they are almost universally accepted by U.S. health care providers and can significantly reduce or even eliminate most out-of-pocket medical costs.

Like Medigap plans, Medicare Advantage plans are offered by private insurance companies, but they work very differently. These include Medicare Parts A and B benefits, and most also have Part D drug coverage. Most insurance companies offer managed care Medicare Advantage plans, such as HMOs and PPOs. Medicare Advantage plans rely on plan networks to reduce costs and may not offer the flexibility of Medicare Supplement to choose your doctor. The good thing is that premiums are usually very low and cost control is good.

Enrolling in the right Medicare plan at the right time gives you the opportunity to receive great medical benefits at an affordable price. Still, most people have a hard time understanding Medicare on their own. If you still have questions or would like to find out what Medicare plans are available in your town or city, contact an experienced Medicare agent at Insurance Hub. Consultations are available without obligation.

Turning 65 What Do I Need To Know About Medicare

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Compare Medicare plan options to get the best health coverage More than 44 million Americans rely on Medicare for their health care benefits, and that number will increase to 79 million by 2030. It is expected. According to Medicare, most of these millions of beneficiaries receive either their core benefits in one payment or one or the other. of two ways. These include Medicare Part A… I wanted to create this short blog post to help you understand in simple terms how Medicare works.

Reaching your 65th birthday can be a stressful time to make big medical decisions.

In the next 10-15 minutes, I’ll explain the right questions to ask when a pushy salesperson attacks you.

Turning 65 What Do I Need To Know About Medicare

First, before we go any further. Just for reference, all of the information I’m giving you today is excerpted from the Medicare and You handbook.

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If you don’t have a copy, you can view one electronically or order one through the Medicare website. This is the official U.S. government handbook that contains everything you need to know about Medicare.

This is quite a long read, so today I’ve simplified it to make it easier to understand.

Parts A and B make up Original Medicare. Late Medicare Part C

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