Everything You Need to Know about Medicare

The best way to get started with Medicare is to understand the basics. Explore how the program works, what actions you need to take, costs, and more. Plus, learn what Medicare pitfalls to avoid and what to consider as you select your plan.

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Whether you’re currently working or already retired, as you approach Medicare eligibility there is a lot to plan for. Many people begin thinking about their transition to Medicare 12 months before turning 65 and/or retiring. At this point, here are three things you should consider doing to begin preparing:

  • Learn the basics of Medicare (Part A, Part B, Part C, Part D, eligibility, enrollment, etc.)
  • Sign up for the RetireMEDiQ Program emails to ensure you never miss a deadline or an important task.
  • Attend a RetireMEDiQ educational meeting to learn more about your different plan options, where to begin and to get answers to your questions.

Keep reading for the full Medicare Checklist.

To be eligible for Medicare, there are certain requirements you must meet.

You qualify for full Medicare benefits if:

  • You are 65 or older
  • You are a permanent legal resident who has lived in the United States at least five years or are a US Citizen; and
  • You (or your spouse) are eligible for Social Security or Railroad Retirement Board benefits; or
  • You (or your spouse) are a government employee or retiree who has not paid into Social Security but has paid Medicare payroll taxes while working.

Read more about Medicare eligibility.

One of the best ways to plan a smooth, enjoyable retirement is to understand what Medicare covers and know what you can expect to pay.

Medicare is made up different areas of coverage which include: Part A, Part B, Part C and Part D.

Depending on your situation, you can get Medicare coverage through a combination of these Parts. The combination that is right for you will determine what you pay for your coverage.

Read more about what Medicare covers and what it costs.

How and when you should enroll in Medicare is largely dependent on your personal situation. Your eligibility, enrollment period and plan options can all be impacted by your employment situation, benefits you may already have, your health needs and more. The best way to make sure you understand what to do when is to speak with an expert. But we have details here if you’re interested in understanding the various scenarios.

Read more about when and how to enroll in Medicare.

If you are considering working past 65, there are some important things you should be aware of. By taking these things into consideration, you can reduce stress, avoid unnecessary penalties later down the road, and have a much smoother retirement when the time comes.

Things to Consider:

  • Do I need to take Medicare even though I’m still working?
  • Should I delay Medicare Part B?
  • How does Medicare work with my Health Savings Account?
  • How does Medicare work with my employer’s health insurance?
  • Can I be penalized for not taking Medicare at age 65?

Keep reading for all the details on things you should consider as you continue work beyond age 65.

Here is a list of some of the most common questions and misconceptions we hear and the answers to debunk the myths. The list includes things like:

  • True or false: I don’t need to sign up for Medicare at age 65 because I’m still working and have employer insurance.
  • True or false: When I retire and go on Medicare, my younger spouse and I will both be covered.
  • True or false: Medicare is free.

Keep reading to see if you know the answers to these common questions and misconceptions.

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