Understand What Coverage You Currently Have

If you are over 65 and still employed, you might have postponed some Medicare benefits because your employer or your spouse’s employer provided insurance. Your employer’s coverage will typically expire once you retire, at which point Medicare will take over as your primary insurance and you must take action to avoid:

• gaps in coverage
• late penalties
• or expensive medical bills

Prior to retiring, make sure you understand your current coverage, ask these questions to identify important dates that determine your Medicare timeline:

• When does my employer insurance end?
• Does it end the day I retire?
• Does it end at the end of the month?
• Does it end after severance?

You Get a Special Enrollment Period

Medicare initial enrollment typically occurs at age 65. However, Medicare offers you a Special Enrollment Period upon retirement if you postponed enrollment because you have active employer coverage from your present job. This allows you to enroll without penalties. Typically, you have:

• 8 months to enroll into Medicare Part B after employment or employer coverage ends
• But you should NOT wait that long if you want coverage to continue smoothly