Facts to know about Medicare and retirement

If your 65th birthday is approaching, you should make sure you are aware of your Medicare options and are prepared to enroll in Medicare if necessary. Here are a few things you should know.

First, if you are receiving Social Security benefits already, then you will be enrolled in Medicare Part A (hospital insurance) and Part B (medical insurance) automatically. You should receive information about enrollment three months prior to your 65th birthday. You will become eligible beginning the first day of the month you turn 65. If you turn 65 on the first day of the month, then you will be enrolled beginning on the first day of the prior month.

Most people not already receiving Social Security benefits will have to enroll in Medicare through the Social Security Administration. You can enroll anytime during a seven-month period that starts three months prior to your 65th birthday. You also have the option of choosing a Medicare Advantage (Part C) private insurance plan as an alternative to Part A and Part B. If you choose a Medicare Advantage plan, it may include prescription drug coverage; otherwise, you will have to join a Medicare Prescription Drug Plan (Part D).

Finally, be sure to consider the timing and interaction of any health insurance you receive through your employer. If you are retiring at age 65 and moving into Medicare, be sure to coordinate the dates of your coverage. If you will keep working past age 65, then you will need to understand how your employer’s group health plan interacts with Medicare; it may still be necessary for you to enroll in Medicare.

The elder law attorneys at Hook Law Center assist Virginia families with will preparation, trust & estate administration, guardianships and conservatorships, long-term care planning, special needs planning, veterans benefits, and more. To learn more, visit https://api.hooklaw.net/ or call 757-399-7506.