8 Things to consider when turning 65
Turning 65 is the time to sign up for Medicare.
It is always helpful to review your plan options with a insurance professional that specializes in health insurance.
- Make sure you are familiar with Medicare. It is ok to ask for help.
For most people, turning 65 means you’re eligible for Original Medicare, Part A and Part B. You can also choose to enroll in Medicare Part C, or Medicare Advantage. If you aren’t retiring, you’ll need to visit the Social Security website and manually sign up for it yourself.
2. Decide if you are going to retire or keep working.
You will want to go over your financial information and assets to figure out where you stand. Just because you are 65 doesn’t necessarily mean you are going to retire.
3. This is the time you are eligible for Medigap coverage.
Medigap supplemental insurance policies are sold by private insurance companies to fill in gaps from expenses that standard Medicare doesn’t cover. If you no longer have an employee sponsored plan. You will definitely want to look into getting one.
4. Check into long term care insurance.
Private long-term care insurance policy helps you pay for any assisted living care needs you’ll require in the future. They can be expensive, and admittedly, they’re a gamble — but age 65 is usually the last time you can get a policy for a somewhat affordable rate.
5. Get legal documents in order.
At 65 most of you have years left to live, an illness or an accident could make decision-making more difficult. Get your wishes in order regarding healthcare, ongoing finances, and your estate. The first step is to think about your choices and get all of your medical and personal files organized.
6. Buy a final expense policy.
This helps unburden your loved ones and family members from having to figure out how to pay for final expenses. They will appreciate this while going through one of the toughest life experiences.
7. 401K – Retirement
Do you keep your 401k with your former employer? There are usually expenses. Or do you roll it into an annuity that helps distribute your retirement funds to you monthly to help your monthly income.
8. Get a will and a power of attorney if you haven’t already.
Having your final wishes met helps protect your assets and helps make sure your final wishes are carried out.
Enjoy every moment.
Turning 65 comes with many things to consider. It also is a fantastic time to learn about yourself. Don’t forget all the senior discounts at stores and restaurants. Make sure to get all the perks of being a Senior.
By Julie Evans – Senior Health Advisor