I Am Over 65 and Retiring – What Do I Do?
Retirement is an exciting milestone, but leaving your company’s health plan can feel overwhelming. The good news? Medicare offers excellent coverage, and with the right steps, you can transition smoothly without any gaps in your healthcare. In this guide, we’ll walk you through everything you need to do to enroll in Medicare and choose the right plan for your retirement.
Step 1: Set Your Retirement Date
Once you decide on your retirement date, notify your HR department to begin the transition process. This is also the time to start thinking about how your Medicare coverage will align with your departure from your employer’s group health plan. The goal is to ensure that there are no gaps in your healthcare coverage.
Step 2: Enroll in Medicare
If you’re retiring after 65 and delayed enrolling in Medicare Part B while you were on your company’s group health plan, now is the time to act. You’ll have a Special Enrollment Period (SEP), which allows you to enroll in Part B without facing late enrollment penalties.
Your SEP begins the month your employer coverage ends and lasts for eight months, but it’s a good idea to enroll before your retirement date to avoid any lapse in coverage.
Step 3: Choose the Right Medicare Plan
Once you’ve enrolled in Original Medicare (Parts A & B), the next step is deciding what type of coverage fits your needs best:
Medicare Supplement (Medigap): Helps cover out-of-pocket costs, such as copays and deductibles, for those staying on Original Medicare.
Medicare Advantage (Part C): Combines Parts A and B into one plan, often with additional benefits like vision, dental, or prescription drug coverage.
When selecting a plan, make sure it includes doctors in your area and the benefits you need.
Step 4: Enroll During Your Special Enrollment Period
If you delayed Medicare Part B while on your employer plan, your Special Enrollment Period is your window to enroll. This ensures you avoid late penalties and guarantees seamless coverage. Enroll before your group plan ends to avoid any breaks in your healthcare.
Why You Can Feel Confident Leaving Your Employer Health Plan
Many people worry about leaving their company’s group health plan, but once they realize how comprehensive Medicare coverage is, they feel relieved. Medicare is powerful and affordable, giving you access to great healthcare options throughout retirement.
Call Us Today for Help With Your Medicare Enrollment!
The transition to Medicare doesn’t have to be stressful. We’re here to guide you through each step, from choosing the right plan to ensuring your enrollment is completed on time. Whether you have questions or need personalized support, we’re happy to help! Call us today at 281-466-9985 to make your Medicare transition smooth and hassle-free.
