It’s a new year, and you are about to turn 65 years old soon! You’ll get to enjoy a bunch of perks and benefits offered only to your new age group! Also, it is time to take some additional things seriously that is closely related to your health and finances. Be on alert, because the few months before and after your birthday are very critical to take actions and accomplish the tasks. We at FreeMedSuppQuotes suggest you consider accomplishing these things once you turn 65 years old:
Enroll in Medicare Part A and B.
Once you turn 65, you’ll be eligible to become a Medicare beneficiary. If you want your Medicare coverage to start soon as you turn 65, you can enroll three months ahead of your birthday.
Maximize your Medicare coverage with a Medicare Supplement plan
Think ahead and consider getting a Medicare Supplement plan, also called Medigap. You need to shop around for this plan because of its open enrollment period, which is six months after you enroll in Medicare part B, comes only once in your lifetime. Failing to enroll within your Medigap open enrollment period will cause you expensive amount of penalties or worst, you won’t be able to get one.
Medigap is important to help you pay the out-of-pocket costs that Medicare left you. It pays all or part of the remaining amount that the Original Medicare left from your total bill which can be substantially heavy for your pocket.
Consider Medicare Part C
While Medicare supplement plan is great for helping pay for healthcare expenses, it is not always suitable for everyone. It provides wider coverage than just having Medicare parts A and B and are somewhat cheaper than a privately sold Medigap plans.
Consider Medicare Part D
If you consume a substantial amount of maintenance drugs for certain diseases, then you might need a Prescription Drug plan. Prescription Drug plan, also known as Medicare Part D, can reduce the amount you’ll need to pay for your medication needs.
Consider getting long term care insurance
Medicare does not cover long term care nor having a Medigap or an Advantage plan. Medicaid does cover some parts of it but requires you to have required amount of assets before you can get benefits. Long term care insurance, on the other hand, provides a wider and more extensive long term care coverage while also protecting your assets and of course your family from financial burden.
Plan when to claim your Social Security benefits
Age 65 is considered as the full retirement age and can start claiming for Social Security benefits without penalties. You may also wait for full retirement age (70 years old) before you start claiming for bigger benefits. No matter what your decision is, make sure it will be the right timing and according to your needs. As much as possible try to delay claiming your benefits.
If you are short of finances and assets...
Look around where you can find help or assistance. Medicaid can also help you pay for medical expenses and even long term care needs. Inquire about Social Security Income that provides small monthly cash assistance, in addition to your Social Security benefit.
Organize your documents
Turning 65 means you have a lot in your hands that your loved ones might not know about. Be sure to organize everything and endorse them to your trusted loved ones, so that in time of need they will know where to dig in your documents. This is also important so that no premiums will be forgotten and left unpaid and policy benefits will be maximized.