If you are going to retire soon or meet someone who is retired, you are not alone. In 2025, a record of 4.18 million Americans will reach the retirement age, which is equivalent to more than 11,000 people turning 65 every day. This phenomenon is known as “Pico 65” or the “silver tsunami”, which began in 2024 and will continue over the next few years. This means that many people and their families will be looking for information about Medicare.
Companies that announce Medicare plans and Medicare registration opportunities sometimes begin their advertisements with the following – I just turned 65. What are my coverage options? – Given the many coverage options and deadlines for registration for the first time, people must start planning early and not wait until 65 years to think about their needs and medical insurance options for their retirement.
While there are resources that can help guide decisions, here I offer some tips to help you, a loved one or an employee to start planning your medical coverage for your retirement and register in Medicare.
Think 3-1-3- You are eligible to request Medicare coverage from three months before turning 65 – the month in which 65 – and three months after completing 65. This is known as your initial registration period (IEP).
Understand the consequences of your choices – Although you do not have to register in Medicare when you turn 65, if you decide not to register at that time and do not qualify for a special registration period, there may be penalties when you register, and these can be expensive.
Celebrate your 64th birthday – Thinking about your retirement and in the future can be stressful, so take the time to enjoy your birthday and then start planning.
Start planning shortly after 64 years – To start, consider the following questions:
• Do I have to get Medicare coverage?
• Can I obtain dental coverage, vision and medicines, as well as medical coverage?
• What happens if I can’t pay Medicare?
• Do you plan to work after 65 years? Do I have coverage through my employer or spouse?
• How long will I be covered by the plan I enrolled during the IEP?
• What happens if my birthday falls during the annual registration period? Or just before? Do I need to register twice?
• What happens if I do not register in a Medicare plan before the end of the IEP term?
While starting to plan early can help you avoid registering on time, choosing the right Medicare plan can still be a confusing process. It is possible that many pre -retired have never bought their own medical insurance, since they have had coverage through their employers.
While investigating your options, consider Medicare.gov As a good initial point. You can also visit Medicare Made Clear from UnitedHealthcare where you will find information about the benefits of medical plans and the various registration periods and other resources to answer your questions.
Medicare plays a key role in people’s lives as they age. Making the right decisions from the beginning and in a timely manner can have positive long -term consequences for your health and finance. So, plan in advance so you can enjoy when you turn 65.
