MEDICARE ENROLLMENT DATES

Retirement used to be in conjunction with Medicare enrollment.  For many it is not for several reasons.

1. You do not qualify for retirement until age 66 or 67.  You do qualify for Medicare at age 65 while you are still covered by an employer’s medical insurance and you don’t want to duplicate coverage (and costs).
2. You prefer to have coverage from Medicare even though you are still working,
3. OR you may be covered by a spousal program.

Regardless of your specific situation, you need to be mindful of at least six Medicare enrollment periods.  They are:

1. Initial enrollment period
2. The general enrollment period
3. The annual election period
4. Special enrollment periods
5. Possibly Medicare Advantage open enrollment
6. Medigap enrollment period (separate from Medicare coverage)

Missing some of these deadlines will result in penalties of 10%, or worse, a gap in coverage.  You need to apply to be enrolled in Part B of Medicare. (Part A is automatic enrollment.)  Then there is enrollment in Part D, which is prescription coverage.  It has its own set of rules and penalties for not enrolling in timely fashion.  Medigap enrollment (to cover the 20% not insured by Medicare) requires another constellation of decisions.

You spend years planning for retirement and getting details in place to be sure you can enjoy your golden years.  In order to be sure you are fully covered for medical concerns you need to know these deadlines.  A personalized review of your specific situation and options will be time well spent and may assist you in avoiding irrevocable penalties.  Call Brooks Financial Planning to schedule a time to get this portion of retirement planning put into place.