Turning 65

First of all — Congratulations! You have achieved a significant milestone in life.

Now, what’s next?

First, you will find yourself eligible for a number of benefits; some are already familiar to you, such as Medicare and Social Security. But you have also become eligible for additional services and insurance products which may not be readily apparent to you and which have deadlines for enrollment which can be confusing to say the least.

Medicare Supplement

For example, did you know that, for the first six months that you are age 65, you can qualify for a Medicare Supplement plan with no medical underwriting? That’s right, there are no health exclusions for the first six months you are age 65.  But if you wait outside this open enrollment period, you will have to qualify for coverage based on your health situation. These plans can reduce or completely eliminate all out of pocket Medicare expenses, offering the predictability that your monthly premium is the only medical expense you will incur.

Medicare Advantage

Also, did you know that for the three months preceding your 65th birthday, the month of your 65th birthday, and the three months following your 65th birthday, you are eligible for a Medicare Advantage plan? These plans provide additional coverage to Medicare and limit the out of pocket costs with little or no premium, and these plans include prescription drug benefits! But if you don’t enroll during this period, you will have to wait until the Annual Election Period from November 15 to December 31 to enroll and receive prescription drug benefits. If you miss that period, you can still enroll from January 1 to March 31 each year, but if you don’t already have a prescription drug benefit plan, you won’t be able to obtain one until the next Annual Election Period.

Late Enrollment Penalties

Finally, did you know that if you do not enroll in Medicare Part B and a prescription drug plan (Medicare Part D) within six months of becoming eligible for Medicare, you will pay a penalty on that coverage for the rest of your life? These penalties are based on the length of time you did not enroll when you were eligible to do so.

Other Needs

You also will be faced with other needs presently or later in life that are best addressed now when premiums will be as low as they will ever be. These include long-term care insurance, wrap-around coverages for cancer, stroke and heart attack, and final expense planning. Yes, it is unpleasant sometimes to consider these situations, but addressing them now and putting a plan in place to deal with them once and for all will give you additional peace of mind to enjoy your retirement.

The Next Step . . .

In short, turning 65 is a fantastic time with incredible opportunities to begin to enjoy many of the things you always wanted to do. But it is also a time to take serious stock of your situation, with the assistance of a qualified senior consultant, and make sure you put in place all the programs to protect your health and your future financial health.

Please call us today at 334-685-1805 or 800-627-2768 for a no obligation, no cost consultation where your situation, wishes, and needs are discussed frankly and the best available options can be made available to you.