Turning 65? Here's What to Know About Medicare
The age of 65 is a milestone for many reasons. It’s the usual age when one retires, and it is when people find out for real if their Dallas retirement planning is good enough to see them through their golden years. Any Dallas retirement financial advisor will also tell you that 65 is the age when you become eligible for Medicare. Here’s what our expert Dallas financial advisor from Retire Guides has to say about what to know about Medicare when you turn 65.
How Medicare Affects Your Dallas Retirement Planning
Medicare is a government-sponsored health insurance program for people aged 65 years old and above. When you turn 65, you enter what is called your Initial Enrollment Period for Medicare. It lasts for 7 months, starting 3 months before you turn 65, and ending 3 months after the month you turn 65. The date your Medicare coverage starts depends on which month you sign up during your Initial Enrollment Period. Coverage always starts on the first of the month. If you qualify for Premium-free Medicare Part A, which helps cover inpatient care in hospitals, skilled nursing facility care, hospice care, and home health care. your coverage starts the month you turn 65, unless your birthday is on the first of the month, in which case your Part A coverage starts the month before you turn 65. If you qualify for Part B Coverage, which covers services from doctors and other health care providers, outpatient care, home health care, durable medical equipment such as wheelchairs, walkers, and hospital beds, and preventive health services such as screenings, shots, vaccines, and yearly “wellness” visits, then your coverage starts based on the month you sign up.
Dallas Retirement Planning to Maximize Medicare Benefits
As good as Medicare sounds, it doesn’t cover all your possible medical expenses in your retirement years. That’s why you should sit down with your Dallas retirement financial advisor to talk about getting Medicare Supplement Insurance, sometimes referred to as Medigap, which helps you in covering or supplementing some of the out-of-pocket costs not covered by Medicare. If you want even more comprehensive coverage for your golden years, then you can ask your Dallas financial advisor about getting a Medicare Advantage plan. This is a type of health plan offered by a private company that contracts with Medicare to provide you with all your Medicare Parts A and B benefits. MA plans include health maintenance organizations, preferred provider organizations, private fee-for-service plans, and Special Needs Plans. These plans do require a premium that will vary depending on your circumstances, but these types of plans may offer prescription drug coverage, preventative dental care, and general wellness coverage for your yearly physicals.
Enjoy Security in Your Golden Years Through Dallas Retirement Planning
To learn how to get the most out of your Medicare coverage, turn to your Dallas financial advisor at Retire Guides. Our mission is to help our clients make investments and financial plans through personalized, exceptional financial services from your Dallas retirement financial advisor. We are here to listen to your needs and to create a retirement plan that will let you live your golden years without worries. Schedule an appointment with us today to get started on your Dallas retirement planning!