A Consideration of Medicare and Retirement   

As you get older and prepare for this season of life, you need to learn more about Medicare and how it could impact your finances and health care.  

If you are going to work past 65, it is good to compare your benefits and overall cost to Medicare and related plans.  Many people are surprised to learn they could have saved money and had improved coverage if they would have come off an employer plan and selected Medicare and available plans before retiring.  

What is Medicare?

Medicare is a federal program that offers health insurance to American citizens and other eligible individuals.  The program is original Medicare, Parts A, and B.

What Does Medicare Cover?

Part A covers inpatient hospital and skilled nursing care. Part B covers doctor visits and outpatient care.

Consider other coverage as original Medicare alone can leave you with financial exposure. There are options to help minimize the risk:

  • Medicare supplement (Medigap) Plans help pay some of the out-of-pocket costs not paid by Original Medicare (Parts A and B). Although private insurance companies offer Medicare supplement plans, they are standardized by the government.

  • Part D - Prescription Drug Plans help pay for medications prescribed by a doctor or other health care professional.

  • Part C - Medicare Advantage Plans combine Part A – Hospital, and Part B – Medical and often Part D, Prescription drug coverage. Many offer additional benefits like coverage for routine vision and dental care.  

Who Can Get Medicare?

US Citizens and legal residents (Legal residents must live in the U.S. for at least 5 years in a row. This includes the 5 years just before applying for Medicare.) 

You must meet one of the following requirements:

  1. Age 65 or older

  2. Younger than 65 with a qualifying disability

  3. Any age with a diagnosis of end-stage renal disease or ALS.

When is the Time to Sign Up for Medicare?

Generally, you may sign up for Medicare three months before your 65th birthday, the month you turn 65, and the three months after. This may be done online via your www.ssa.gov account. If you are receiving Social security benefits, you will automatically be enrolled in Medicare A and B and should receive your card approximately 100 days before your birthday month.

Medicare coverage begins the 1st day of the month you turn 65.  If your birthday falls on the first day of the month, then Medicare coverage will start the first day of the month before your birthday.

Do I Have to Enroll in Medicare if I am Going to Continue Working Past 65 or if I Have a Retiree Plan?

Depending on the size of your employer, you may be required to sign up for Medicare when you turn 65.   Look through your plan’s benefit booklet, and employer’s summary plan description, or contact your employer’s benefits administrator. Sit down with an Insurance Advisor who can compare employer and/or retiree options with Medicare, plans available, and costs based on your situation and budget.

Is Your Retirement Coverage Compatible with Medicare?

As an employee or retiree, you might have had access to great medical coverage. In some cases, you can still access some or all these benefits even post-retirement.

Winter-Dent has licensed advisors who are experienced in working with Medicare-eligible individuals. They are enthusiastic about helping individuals better understand Medicare and the plan options available. Feel free to reach out and compare options.  We will work with you to determine the timing and plan(s) that will work best for your situation and budget.  Information is power: Subscribe to our blog

Laurie Quail - Account Executive, Licensed Insurance Advisor - Licensed in Missouri and Kansas

Laurie.Quail@Winter-Dent.com | Direct number: 573-312-3156 | Office: 573-449-8100, Extension 1227 | Offices in Columbia and Jefferson City, MO

Jacqueline Hamby - Account Manager, Licensed Insurance Advisor - Licensed in Missouri

Jacqueline.Hamby@Winter-dent.com | Direct number: 636 597-6921 | Office in St. Peters, MO

Note: This is not inclusive of all the details and options regarding Medicare or details related to it. The information is for general informational purposes only.  Winter-Dent makes no representation or warranty, express or implied. Your use of the information is solely at your own risk. This also may contain links to third-party content, which we do not warrant, endorse, or assume liability for.  

We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.

Not affiliated with or endorsed by any government agency.

Back to Blog

Related Articles

Medicare Annual Enrollment Period: How Does It Affect Me?

Each year, especially during this time when summer turns into fall and then ushers in winter, there...

Selling Your Business? Here is What You Need to Do

Under the right circumstances, selling your business may be the best decision you’ve ever made....

ATV and UTV Insurance Coverage for Outdoor Fun

ATV and UTV are loads of fun. Who doesn't love climbing rugged terrain and sloshing through mud...