Share

WHAT YOU MAY NOT KNOW ABOUT INSURANCE FOR RETIREMENT

1 of 5
What You May Not Know About Insurance for Retirement - Medicare Enrollment

Medicare enrollment. Generally, all Americans are eligible for Medicare when they turn age 65. If you’re getting benefits from Social Security, you’ll be automatically enrolled and will receive your Medicare card three months before your 65th birthday. If you’re not receiving Social Security benefits, you’ll need to enroll in Medicare at age 65. You have a window of opportunity to sign up for Medicare during your Initial Enrollment Period.

Download your FREE copy of Retirement in Sight for more insights on retirement.

2 of 5
What You May Not Know About Insurance for Retirement - Medicare’s Enrollment Periods

Medicare’s enrollment periods. Medicare has four enrollment periods you should be aware of:

Initial Enrollment — This is your first chance to sign up for Medicare. It begins three months before your 65th birthday, includes the month you turn 65, and ends three months after the month you turn 65.

Special Enrollment — If you didn’t enroll because you were covered under an employer’s group plan and your coverage has now ended, you may have a chance to sign up during this period. You can find specific guidelines at Medicare.gov.

General Enrollment — If you didn’t enroll in Medicare when you first became eligible — or you missed your Special Enrollment Period — you have an opportunity to sign up from January 1 – March 31. However, you may have to pay a late enrollment penalty.

Open Enrollment — This is the one time each year when you can make changes to your Medicare health and prescription drug plans for the next year. It runs from October 15 – December 7. It’s also a good time to review your existing coverage because plans can change and may no longer fit your needs.

Download your FREE copy of Retirement in Sight for more insights on retirement.

3 of 5
What You May Not Know About Insurance for Retirement - The Parts and Costs of Medicare

The parts and costs of Medicare. Medicare has specific parts: Part A is hospital insurance and is free for most people; Part B is medical insurance, and you pay a monthly premium. Both Parts A and B have deductibles, co-pays and other costs for services not fully covered that you may have to pay out of pocket. A few medical expenses you may be responsible for with Medicare include:

  • Medicare Part A deductible
  • Annual Medicare Part B deductible
  • Generally 20 percent of covered Medicare-approved charges in excess of the Part B deductible
  • Unassigned Part B claims in excess of the Medicare-approved amount (not to exceed the limiting charges)

Supplemental insurance plans are available to help cover these out-of-pocket expenses.

Download your FREE copy of Retirement in Sight for more insights on retirement.

4 of 5
What You May Not Know About Insurance for Retirement - Supplemental Insurance

Supplemental insurance. This is protection designed to help cover the differences between what Medicare pays and what you must pay out of pocket. Supplemental insurance can help cover Medicare Part A and Part B deductibles, co-pays and other health care expenses not covered by Medicare — including certain preventive care service charges. There are open enrollment periods for this type of coverage that can begin when you enroll in Medicare Part B.

Download your FREE copy of Retirement in Sight for more insights on retirement.

5 of 5
What You May Not Know About Insurance for Retirement - Medicare Doesn’t Cover Everything

Medicare doesn’t cover everything. Medicare is a great program, but it was never intended to pay all medical expenses. For example, it doesn’t cover routine dental care, eyeglasses or hearing aids — common expenses for retirees. It’s important to plan ahead for these out-of-pocket health care costs in your retirement. You may want to consider additional coverage that can help pay for the uncovered services you’re likely to need.

Download your FREE copy of Retirement in Sight for more insights on retirement.