Things You Must Do Before Turning 65!

• By Admin
• Mar 20, 2021

65 is a huge milestone in your life, and it should be celebrated with all the festivities you can muster. However, turning 65 also implies that some significant financial tasks will be added to your task list. Turning 65 isn’t entirely pleasant. Some medical conditions and things that are happening to your body you’ll want to be aware of. Nevertheless, if you plan adequately, you will be prepared to manage whatever comes your way. Sixty-five could also be a landmark year for you, and it might be your first year of eligibility for Medicare. Medicare is the government health insurance program that provides hospital (Part A) and medical (Part B) insurance called Original Medicare to people aged 65 and older and some under 65 who qualify because of a disability.

Let's dive in with Ever Health Solution to the exploration of some of the must-do list items before the age of 65.

1. Organize Your Legal Documents

Although most 65-year-olds have many years ahead of them, a sudden illness or accident can make making decisions difficult, if not improbable. Having got your legal documents in order can help ensure that your wishes for healthcare, such as end-of-life care, your ongoing finances, and your estate are followed. These documents may include a will, a financial power of attorney, an advance medical directive, also known as a living will, and possibly a living trust.

2. Learn About Medicare.

Being new to Medicare can be intimidating, particularly when you learn that you may have a gap in medical coverage or face a fine. For most people, reaching the age of 65 entitles them to Original Medicare, Parts A and B. You could also choose to enroll in Medicare Part C, also known as Medicare Advantage.

Have a Set Time to Enroll in Medicare?

The first time you can sign up for Medicare is referred to as your Medicare Initial Enrollment Period (IEP). Your initial enrollment period will last 7 months. It includes the following:

• 3 months before the month you turn 65
• The month you turn 65
• 3 months after the month you turn 65

If you already get Social Security payments, you will be enrolled in Medicare Part A Hospital Insurance and Medicare Part B. (Medical Insurance). Instead, you can enroll for coverage at a Social Security office in person, over the phone, or online.

3. Learn About Medigap Insurance & Get Yourself Enrolled

Private insurance companies sell Medigap policies to replace some of the gaps in expenses that original Medicare Supplement Insurance does not cover. If you no longer have employer-sponsored healthcare, you should seriously consider getting one.
As a result, Medicare leaves a big chunk of most people's medical bills unpaid. Many people purchase private insurance coverage to cover the gaps in Medicare payments. Your entitlement to buy the coverage of your choice is only valid for six months after enrolling in Medicare Part B.

4. Create a social security strategy

If you haven't previously enrolled in Social Security benefits, now is the time to start strategizing. You hit full retirement age at either 66 or 67, based on your birth year, which implies you now can claim Social Security payments without penalty. If you wait until the age of 70 to begin receiving Social Security benefits, your monthly benefits will increase by up to 8% a year and will keep at that level for the rest of your life.

5. Consider getting a long-term care insurance policy

A private long-term care insurance policy will aid you in paying for any future assisted living care demands. They can be costly, and they are, undoubtedly, a risk, but age 65 is usually the last time you can acquire a policy at a reasonable price.

6. Learn about extra help if you've got a limited income and few assets

People aged 65 and up who have a low income and few assets other than their homes are eligible for both complete medical care and direct financial assistance. Medicaid can cover the whole cost not only of medical care but also of long-term home care and nursing facility care. Supplemental Security Income might provide small monthly cash support in addition to Social Security income.

Conclusion

A milestone birthday, such as 65, comes with a long list of tasks, but it's also a great time to sit down and enjoy every minute, especially when you retire. Consider your accomplishments and make it a point to live life to the fullest, whatever that means to you. Choosing the best Medicare and supplement health plan can be difficult and frustrating. The Ever Health Solution Team is a nationwide resource that offers free Medigap guidance and support, as well as assistance in choosing and providing the most suitable insurance plan based on their unique needs and budget.