Betsy Chin of UnitedHealthcare is urging people to start planning for their Medicare coverage earlier than you might think.
She tells us that in 2025, a record 4.18 million Americans will reach retirement age, which equates to over 11,000 people turning 65 each day. That’s a lot of people.
She remarks that you may see television commercials featuring Medicare enrollment opportunities that open their ad with someone asking – “I just turned 65. What are my coverage options?” However, with all the coverage options and first-time enrollment deadlines, people should begin planning early… don’t wait until your 65th birthday to begin thinking about your needs and options.
While beginning to plan early should help avoid the consequences of not enrolling on time, choosing the right Medicare plan may still seem confusing. Many pre-retirees may never have shopped for their own health insurance, having had health care coverage through their employers.
Betsy Chin offers the following tips:
Think 3-1-3 – You are eligible to apply for Medicare coverage starting the first three months before your 65thbirthday – the month you turn 65 – and the three months after you turn 65. This is referred to as your Initial Enrollment Period (IEP).
Understand consequences of your choices – While you don’t have to enroll in Medicare when you turn 65, if you decide not to enroll at that time and do not qualify for a Special Enrollment Period, there may be penalties when you do enroll – and these can be costly.
Begin planning soon after your 64th birthday – Following are some questions to get you started.
- Can I get dental, vision and drug coverage as well as medical coverage?
- What if I cannot afford Medicare?
- Are you planning to work past 65? Do you have coverage through your employer or spouse?
- How long am I covered under the plan I enrolled in during the IEP?
- What if my birthday falls during the Annual Enrollment Period? Or just before? Do I need to enroll twice?
- What if I do not enroll in a Medicare plan before the end of my IEP deadline?
A good place to begin your research is Medicare.gov. is one place to start.
Washington state also offers free, unbiased help through the SHIBA program (State Health Insurance Benefits Advisors).
SHIBA Medicare information and Counsel Options
In person counseling appointment options – call 253-278-2363 or visit http://www.insurance.wa.gov/shiba for schedule times and days.
SHIBA counseling phone line: 1-800-562-6900 or local 253-278-2363 these are message lines, counselors return calls within 48 hours
