It Is Never Too Early to Start Thinking About Medicare
Find Out Why Pre-Planning Is Key
December is a busy month for many, filled with holiday celebrations, gatherings, and gift-giving. There’s also another reason that December is important, particularly for older adults: This time of year is Medicare enrollment. While this year’s deadline will soon pass, we want to get you thinking about enrolling for next year.
Here is the first thing to know about Medicare: It is never too early to start pre-planning for enrollment. We have compiled some advice for older adults approaching retirement age as they consider whether or not to enroll in Medicare and the steps you need to take to complete enrollment. First, let’s recap who is eligible for Medicare.*
- People age 65 and older
- People under 65 who:
- Are on Social Security Disability (at least 24 months)
- Have ALS (Amyotrophic Lateral Sclerosis) and are entitled to Social Security
- Have Kidney Failure and are entitled to Social Security
The next thing to know: There is a difference between Medicare enrollment and Medicare election. Your initial enrollment period extends three months before and three months after your initial eligibility month—this gives you a seven-month window to enroll. You can see why it is never too early to start thinking about Medicare enrollment! The Annual Election Period for Medicare begins on October 15 and ends on December 7. However, by this time, you will have wanted to do your research about the plans available to you and completed all the necessary enrollment steps.
Now for our main piece of advice: You need a really good Medicare consultant.
Why? Let’s say you are still working and you are Medicare eligible. You need someone to help you assess whether it is less expensive for you to keep your benefits at work as opposed to enrolling in Medicare. Just because you turn 65 doesn’t mean it is always appropriate to enroll at that time—especially if you have a job with benefits. The right consultant can help you make an adequate comparison. If you are looking for a consultant in the Cleveland area, we highly recommend KAZ Company. We can connect you with a representative at KAZ or help answer any initial questions you may have.
The best thing you can do for your future is to start planning now. Whether you will become eligible for Medicare next year or not, it is always a good idea to gather as much information as you can so you can make an informed decision when the time comes.
*Source: Kaz Company