Don’t wait – be proactive with Medicare before you turn 65

If you’re retiring soon, you’re not alone. In 2024, a record 4.1 million Americans are expected to retire, with over 11,000 turning 65 every day¹. This phenomenon is sometimes referred to as “Peak 65” or the “silver tsunami” and will continue for the next several years. 

Of course, a key question you might have when retirement is around the corner is: What do I do about my health care? If you’re approaching 65, the most important thing is to start planning sooner rather than later. Get the information you need now to help you feel confident about making the most informed choices later.

Here are some questions to consider:

• When does your current coverage (employer-based or otherwise) end?
• When is your initial enrollment period (IEP)?
• What kinds of benefits do you need or want? What doctors do I visit?
• What portion of your monthly budget can go to health insurance?

These are big questions, and you want to make sure you have plenty of time to answer them, so you’re not rushed. That way, these decisions may be less intimidating or overwhelming by the time you turn 65.

Given the number of options available to Medicare-eligible individuals based on their specific circumstances, and first-time enrollment deadlines, people should begin planning for their health care coverage needs upon turning 64, or at least three months before their enrollment eligibility.

It's important to sign up promptly to avoid gaps in coverage or late enrollment penalties.

The Initial Enrollment Period generally begins when you turn 65. It lasts for seven months – starting three months before you turn 65 and ending three months after the month you turn 65 (it begins and ends a month earlier if your birthday is the first day of the month). However, if you miss the IEP, you may have to wait to sign up and pay a monthly late enrollment penalty.

You can also sign up in the Annual Enrollment Period (AEP), which is between October 15 and December 7 each year.

Keep in mind that, if you want to join a Medicare Advantage plan, you also need to be enrolled in Part A (hospital insurance) and Part B (medical insurance). For a standalone Part D plan for prescription drugs, you need to be enrolled in Part A and/or Part B. 

Finally, there are also Special Enrollment Periods when unique events happen in your life. This might include (but are not limited to):

• Moving to a new service area
• Having an eligible chronic condition
• If you’re eligible for both Medicare and Medicaid

It’s important to be aware of what special circumstances might arise in the future.

If you’re not 65 yet and all of this feels daunting or overwhelming, there’s no need to worry. Plenty of resources are available to help you make the right choices for your coverage.

Medicare.gov is one place to start. You can also check out the Medicare Made Clear guide at UnitedHealthcare for more information on the ins and outs of Medicare – to help you enjoy a stress-free 65^th birthday.