What you need to know 6 months before turning 65
In six months you'll be eligible for MedicareThat means a trash can full of junk mail is coming your way, whether you asked for it or not. You might also feel tempted to watch some infomercials that you've previously ignored. If you need some personal guidance on what to do and when do it, wouldn't it be better to just set up a 15 minute phone call?
Plan Ahead Here are a few reasons to plan six months ahead:
1) Your RX costs will change when Medicare begins. For example, generic drugs might cost less and brand name drugs might cost more under a Part D plan compared to a group plan. The cost may even encourage you to talk to your doctor or pharmacist (I am NEITHER of these!), and this knowledge would make you a more educated consumer.
2) Your Medicare premiums are based on income. If you or your spouse are a member of a large group employer plan, you might want to defer Medicare enrollment until a new calendar year, especially if this aligns with your retirement timing. If you are planning significant financial moves like a Roth IRA conversion, stock option exercise, or severance package, you might want to see the tax impact of doing this before and after the year you turn 65.
3) If you have a spouse or dependents attached to your current coverage, you might want to have advance notice of THEIR options if you switch to Medicare, and we can discuss that too.
I am a licensed Medicare specialist. I can help you navigate all of these options and more. Simply schedule a 15 minute call at your convenience, and please recycle your Medicare junk mail as directed by your municipality!
Plan Ahead Here are a few reasons to plan six months ahead:
1) Your RX costs will change when Medicare begins. For example, generic drugs might cost less and brand name drugs might cost more under a Part D plan compared to a group plan. The cost may even encourage you to talk to your doctor or pharmacist (I am NEITHER of these!), and this knowledge would make you a more educated consumer.
2) Your Medicare premiums are based on income. If you or your spouse are a member of a large group employer plan, you might want to defer Medicare enrollment until a new calendar year, especially if this aligns with your retirement timing. If you are planning significant financial moves like a Roth IRA conversion, stock option exercise, or severance package, you might want to see the tax impact of doing this before and after the year you turn 65.
3) If you have a spouse or dependents attached to your current coverage, you might want to have advance notice of THEIR options if you switch to Medicare, and we can discuss that too.
I am a licensed Medicare specialist. I can help you navigate all of these options and more. Simply schedule a 15 minute call at your convenience, and please recycle your Medicare junk mail as directed by your municipality!
