Turning 65...Something To Look Forward To

Ahh, the joys of getting older and turing 65. 

I often tell my clients that are approaching 65 there’s one thing they will probably be really thankful for when it comes to getting older and turning 65—and that is Medicare and the typically much lower cost for better health insurance. 

Better Coverage and Lower Premiums

Prior to 65, if you are on an Employer Group policy or especially if you have your own Individual Major Medical policy, then there’s a really good chance your health insurance premiums will drop by as much as 60% once you are on full Medicare with a Medicare Supplement and Part D Drug Plan or with a Medicare Advantage Part C Plan.

The bottom line is, your premiums will likely be lower, your deductibles will be less or non-existent and your benefits may increase. So, what’s so bad about turning 65?

Inundated With Medicare Solicitations

Here’s what may be bad about turning 65. Around the time you turn 64½, you will begin to notice that your mailbox will start filling up with solicitations for different types of Medicare insurance. And, you may find telemarketers calling you and offering their services. 

There are many scams when it comes to Medicare and Social Security. You must be very careful! See this from Medicare: https://www.medicare.gov/forms-help-resources/help-fight-medicare-fraud

You should be receiving some correspondence from the Social Security Administration and CMS (Center for Medicare and Medicaid Services). Your Medicare card should arrive around this time. If you have not received your Medicare card at least three months before you turn 65, you should call the Social Security Administration (800-772-1213) or visit your local SSA office to make sure that both your Medicare Part A and Part B are starting when you turn 65 (unless you don’t want Part B at 65 due to having group coverage). 

In addition, you will be receiving lots of marketing pieces in the mail. Many of them will pretend to be “official” government or Medicare documents. The return address will even mention Social Security or Medicare. You may see statements such as: 

• “Official Medicare Documents”
• “Time Sensitive: Don’t Lose Your Benefits”

The best thing to do with most of these ads is to shred them and simply contact me. 

If you decide to call some 800# to inquire about Medicare insurance, please realize a few things and heed these warnings.

1. You may be dealing with a single insurance company or agency that only offers their products and policies. They cannot review and offer you unbiased advice when it comes to policies and plans from multiple insurance companies. This really limits your ability to make a wise and confident decision.

2. They are absolutely clueless as to the doctors and hospitals in your area. This is critical if you choose a Medicare Advantage Plan. Sure, they may be able to see if your doctor is in their network, but they cannot adequately inform you of the importance of making sure that any speciality or university hospital is in-network. There are a number of Medicare Advantage Plans that have very limited and inadequate networks of doctors and hospitals.

Example: In my area of Charlottesville, Virginia there are two hospitals. One is Sentara Martha Jefferson and the other is UVA (University of Virginia) Health System. Because UVA is a teaching and speciality hospital, you want to make sure that you have either a Medicare Supplement policy that doesn’t have networks, or a Medicare Advantage Plan that includes these hospitals. Unfortunately, in my area, there are plans that only offer one of the hospitals and there is one plan that offers neither…and in my opinion, CMS should not have approved that plan to be in the area. 

3. More than likely, they will not use the Medicare prescription calculator to determine which PDP (Prescription Drug Plan) offers the right coverage at the most affordable price.

The bottom line when it comes to dealing with 800#’s, telemarketers or a single insurance company is, you simply cannot and will not get the necessary counsel from someone who knows the ins and outs of the local plans and providers.

Enrolling and Getting Started: The 4 Steps You Need To Know

Need to learn more about enrolling in and getting started with Medicare? Click here to learn more.

The Goals Of Retirement

Now that you are turning 65 and likely retiring soon, have you thought about what your goals are for and in retirement? If you haven’t, that’s OK, many people have not thought these things through. And the sooner you determine your goals, the better you can prepare and the more likely you are to achieve them. 

Here are 4 goals of retirement that are worthy of considering.

1. Enjoy more time with your family and friends.
2. Be productive by investing more time into your hobbies, travel or volunteering.
3. Have a healthy and active lifestyle.
4. Make sure your retirement income and assets last as long as you do.