The year is 1956, and Dwight Eisenhour has just been re-elected President of the United States. Rock and Roll has become a phenomenon, fueled by the wild popularity of Elvis Presley. The New York Yankees have defeated the Brooklyn Dodgers 4-3 in the World Series, behind Don Larsen’s MVP performance, and the interstate highway system has been authorized, resulting in a long-term trend towards populating suburban communities.
If you are turning 65 in the next twelve months, you were among more than 4 million Americans born in the year 1956… right smack in the middle of the baby boom. Baby Boomers are often lumped into one generic group, but of course, each Boomer’s story is unique as are their medical needs.
What to consider before turning 65…
Your Medicare eligibility is right around the corner! Now is the time to begin your research, and learn more about Medicare coverage.
Wow, that month flew by didn’t it! As you learn about Medicare, questions start to arise… What is Part A? What is Part B? How much will my Part B cost? What about Parts C and D, how are they different from A and B? You can try the federal governments website, Medicare.gov, but you can always reach out to our licensed Medicare agents at Burchfield Insurance Group for answers to your Medicare questions.
Without a doubt, the most common misperception about Medicare is that it will cover all of your healthcare costs. Unfortunately, it will not. You will have deductible, copayment, and coinsurance responsibilities should you utilize medical services. Now is the time to consider supplemental insurance options, limiting your exposure and reducing your out-of-pocket expenses. Supplemental coverage can be found in one of two delivery systems. One option is a Medicare Supplement, sometimes referred to as a Medigap policy, paired with a Part D plan. The other option is a Medicare Advantage plan encompassing all of your medical and prescription needs into one plan. For a deeper dive on the differences between the two and which may be right for you, check out this post.
You have done your research, and are 3 months away from turning 65. You have now reached your initial enrollment period and can sign up for Medicare. Medicare enrollment is handled by the Social Security Administration. You can sign up at your local office, over the phone, or online. Your effective date will be the first day of the month in which you turn 65. Be on the lookout for your red, white, and blue Medicare card to arrive in the mail shortly after signing up.
Now that you have received your Medicare card, it is time to consider which supplemental coverage option you would like to enroll in. There are a variety of things to consider when choosing supplemental coverage. What plans are available in your area? What is your budget? What are your medical needs or concerns? Rest assured, there will be no shortage of supplemental coverage options available to you. If you need help navigating the Medicare maze, or would like your options explained to you in detail, you can always reach out to the Burchfield Insurance team.
For those who have done their research, enrolled in Medicare, and selected supplemental coverage, sit back and relax. You are covered. For those who have not, good news, you still have time! Be sure to enroll in Medicare before the month of your 65th birthday, and lastly finalize your supplemental coverage. Once you have done this, rest assured knowing your Medicare needs are taken care of.
Turning 65 soon? Here is what you need to know!
As you approach your 65th birthday and begin your research on Medicare, keep in mind our licensed Medicare agents are available to answer your questions and walk you through your coverage options. We speak the Medicare language and can help eliminate any Medicare surprises. Reach out to our team for a no cost, personal consultation today!