If you're approaching retirement age, Medicare may be the last thing on your mind. But, with 65 just around the corner, there are a few things you should be aware of.
You can postpone enrolling in Medicare Part B, which covers healthcare care if you have health insurance through your workplace or are covered through your spouse's employer contribution. Many people do not enrol in Medicare Part B until they are no longer employed.
If you are no longer insured by your employer's (or your spouse's) plan, you will have 8 months to register for Medicare Part B without paying the penalty.
If you have a health plan through your work that includes a health savings account (HSA), enrolling in Medicare Part B or Part A will change things. You can keep your workplace plan, but you won't be able to contribute to your HSA after you enrol in Medicare.
If you're thinking about this, consult with a financial advisor first. They understand how Medicare will affect your HSA and taxes and can advise you on the best course of action.
Choosing a Medicare plan may be a difficult task! There is a lot to think about, and it takes time to select the best strategy for you. If at all feasible, I recommend beginning your search six to nine months before your planned retirement date. This offers you ample time to investigate the plans that pique your interest.
If you don't have much time, contact plan counsellors at private insurance firms that interest you, or speak one-on-one with someone else who sells plans from various insurance companies (known as a broker or agent). They can assist you in swiftly locating a plan that meets your requirements and budget.
These programs will operate together if you have Medicare and health insurance through your employer. Some services will be covered by your employer's coverage, while others may be covered by your Medicare plan. If you are an employee with questions about Medicare options, seek advice from your current plan or benefits office.
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