You’ve worked hard to plan for your financial future. An important part of planning for your financial future is understanding eligibility, options, and making sense of all the Parts. You may be have many questions about medicare if you are turning 65 soon, or nearing retirement and leaving your employer plan. You may have even already retired.
Medicare can be an alphabet soup of complexity. Parts A, B, C, and D are the key parts and to maximize coverage and benefits it is critical to understand the features of each.
Medicare is available to virtually all U.S. citizens who meet the following qualifications:
- Are legal residents 65 years of age and over
- Have previously worked and paid taxes in the United States or;
- Are married to or divorced from someone who has worked and paid taxes in the United States
While this opens a host of healthcare coverage options, there are important considerations to help you make the best decision for your personal circumstances.
Even non-Medicare coverage issues can have an impact. If you remain in the workforce past age 65 and have employer-sponsored health insurance as well as Medicare coverage, you may be asked to sign up for Part A, using your employer coverage for Parts B and D. To avoid incurring penalties, you want to be sure you are making the right decision at the right time, even if you sign up later for Medicare.
If you have questions or would like an overview of the various components and how they impact your healthcare costs, please feel free to reach out.