If you rely on Medicare for your health care needs, you are not alone. Millions of seniors already rely on it. But you must know it is dangerous to assume that you will be eligible for Medicare the moment you retire.
Are you looking for the answer to the question that will you get Medicare as soon as you retire? Or is it safe to wait for retirement to enroll in Medicare? Well, the answer depends on when you decide to put a lock on your career. If you close the door early, you will be on your own until you are actually eligible for Medicare.
Now the question is when does one become eligible for Medicare? You become eligible at the age of 65. So if you happen to retire at 65 or later, you will get the coverage only if you enroll in advance. You are given a seven month period for signing up for the Medicare plan. It begins three months before the month you reach the age of 65 years. It ends 3 months after you turn 65. For those of you who are planning to sign up for Medicare with the plan to retire at 65, start the process early so that you can get covered as soon as you leave your job.
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Most seniors are generally advised to sign up for Medicare Part A. It covers the costs of your hospital visits. If you choose Part B, it will cover your doctor’s visit and diagnostics tests only. But you will have to pay a premium for that. If you are not planning to retire at 65, it is recommended to opt for Part B since you will have the health care plan provided by your company.
There is a lot of confusion out there to whether it is necessary to sign up for social security and Medicare side by side. In case you didn’t know, you become eligible for social security 3 years before Medicare eligibility. That means you can start claiming the SS benefits when you turn 62. This will reduce the payments because you are not yet eligible for full special security benefits (which will happen when you reach the age of full retirement).
In case you plan on retiring at 62 because you know you will get social security when you give up your job and health care coverage, you will have to pay for another insurance policy until you become eligible for Medicare. That’s going to happen after 3 years. If you can cover that expense, then go ahead with this route. If you can’t, then it’s best you cover till you become 65. In this way, you will get a guaranteed coverage if you enroll for Medicare in advance.