There is a time for almost everything. We just finished tax season, health insurance has open enrollment, and income statements follow year end. The nice thing about turning 64, is that the timing varies for everyone. The not-so nice thing about turning 64, is that the timing varies for everyone, making it easy to forget that it is time to talk insurance with me.
The standard eligibility age for Medicare in the United States is 65. However, many people don't know if they need to sign up for Medicare if they already have other health insurance coverage, such as through a job, a spouse's employer, from their former employer, or through COBRA. They also may be hearing stories from their friends who preceded them in turning 65 saying they had to pay a penalty for "being late".
When you turn 64, I say, enjoy the cake, plan a trip and call me and my team at RCB & Associates. Let us guide you through your options, the due dates and how to have the coverage you wish, without the worry and possible penalties of being "late" in your choices.
Enroll in Medicare during the following seven-month window. This is called your Initial Enrollment Period (IEP):
• Three months before your 65th birthday • The month of your 65th birthday • Three months after your 65th birthday
You can enroll later if you miss your initial enrollment window, but you may face penalties. The best time to sign up for Medicare is during the three months before your 65th birthday, so everything will be in place and you can begin receiving benefits.
I have a fairly complete checklist on my blog, you can access it here for more details. My main take away is that if you or someone you know is 64 or turning 64 soon, contact me for some advanced, and complete, insurance planning at 616-233-9050.