After months and maybe even years of planning, you have finally reached the milestone of retirement. While you have certainly put in the hours of research and preparation, there are still some things to keep in mind to ensure your retirement continues to be smooth sailing.
What to Expect When You Retire
When approaching retirement for the first time, most individuals understand how challenging it can be to find and transition into the right health plan.
But what many retirees don’t anticipate is the time and energy they will likely put into resolving health plan issues each year. For this reason, we recommend that you decide early on who you will look to for health plan advice and support.
You may encounter complicated problems with your health plan from time to time. The most common issues our clients face are incorrect bills, customer service issues, the need to file an appeal, etc. On your own, knowing what the problem is and getting to the right customer service representative who can solve it can be challenging.
The good news for our clients when it comes to health plan issues is that they do not have to navigate the confusing maze of the insurance world alone. They have us.
Working closely with an advisor like RetireMEDiQ to help you understand your health plan and ensure it always works for you is a great first step to making sure your retirement remains stress-free.
Medicare’s Annual Enrollment Period
Once you retire and your Medicare plan enrollment is squared away, you can sit back, relax and enjoy your retirement.
It is likely that your Medicare plan will continue to meet your needs and you won’t need to consider other options for a long time. However, in the event that your needs change, you have a chance to review your options each year during Medicare’s Annual Enrollment Period (AEP), from October 15 through December 7.
Things to Know if You Go Back to Work after Retiring
If you decide to go back to work for an employer with more than 20 employees and are offered employer coverage, you will have the option to defer your Medicare Part B. This deferment is only until you no longer are covered by the active employer plan.
Once you no longer have employer coverage, you will generally have eight months after the employer coverage ends to re-apply for your Medicare Part B. If you do not re-apply in this window, you could incur a late enrollment penalty.
As your life changes during retirement, you may find that your health care coverage needs to change, too. The health plan that works for you during your first year as a retiree may not be the right fit for you in your second year, and even less so in five or ten years.
To top it all off—these services are provided at no cost to you, year after year. So, as you plan for your next chapter, remember that we are here to help you, no matter what stage of life you’re in. From pre-retirement planning to lifelong support, we are ready to help you each step of the way.