Weekend Reading: Keep These Medicare Facts In Mind When Planning For Retirement

This article appears as part of Casey Weade's Weekend Reading for Retirees series. Every Friday, Casey highlights four hand-picked articles on trending retirement topics and delivers them straight to your email inbox. Get on the list here.
Weekend reading medicare facts Weekend reading medicare facts
Weekend Reading

Medicare doesn’t need to be complicated; especially if you know the facts!

Here are a few of the basics to get your started:

📌 Medicare after retirement: Regardless of what age you retire, upon turning 65, you are eligible for Medicare. Your Initial Enrollment Period for Medicare programs begins three months before your 65th birthday, and ends three months after.

📌 Medicare while working: Upon turning age 65, you are automatically enrolled in Part A if you also collect Social Security. In the event you do not collect Social Security, you need to apply for Medicare online. Additionally, the health insurance coverage you receive from your employer will determine the coverage you receive from Medicare if you decide to leverage both.

📌 Budgeting for Medicare: Most Medicare beneficiaries do not pay a monthly premium for Part A coverage, but are still responsible for part of their inpatient costs if hospitalized. Additionally, Part B comes with premiums that can add up, as well as the cost of prescription drugs under Part D. That’s why programs like Medicaid funds and Medicare Easy Pay exist to help identify and lower your out-of-pocket expenses.

Be proactive:
Making a good Medicare decision isn’t nearly as complex as it may seem. Educate yourself about the core fundamentals and find a counselor for the rest.