It is a fact that humans cannot avoid Father Time. Aging is a part of life, so why let it bring you down? Look at life with the cup half full and realize that hitting huge milestones, like turning 65, is great! Year 65 comes with a handful of benefits. Not only do you get to retire, but it’s also the year you can start cashing in all of your senior discounts. Another plus is your eligibility to enroll in Medicare.
Matthew Bussard supports Medicare users in Rhode Island as a financial services broker. He is passionate about positively impacting everyone he works with by helping them enroll in Medicare or upgrading them to better healthcare plans. Bussard even helps with general assistance with billing, finding a new service center, or any other related need. Bussard knows how bad things can get if you develop a severe medical condition at 65, and he wants to help properly prepare everyone to support their health and well-being. In the following article, Bussard goes into five things you need to do right when turning 65.
1. Sign Up for Medicare
When approaching 65, you become eligible for Original Medicare enrollment. There is a 7-month Initial Enrollment Period to sign up for Medicare’s Part A and Part B. That enrollment period starts three months before you turn 65, continues through the month of your 65th birthday and ends three months after you turn 65. Don’t be afraid to seek help. There are multiple services to help guide you through the Medicare enrollment process.
2. Consider Retirement
At the age of 65, it is common for people to consider retirement. While some people choose to remain working, others celebrate the start of retirement when they turn 65. To get an idea of where you stand concerning retirement eligibility, start by reviewing all of your assets and finances. Individuals who choose not to retire and keep working must sign up for Medicare manually through the Social Security website.
3. Become Familiar with Medigap
You must become familiar with what Medicare does and does not cover. For those looking for full coverage on medical expenses that Medicare does not take care of, consider extensive research on Medigap coverage, or Supplemental Insurance Policies, which provides additional coverage through private insurance companies.
4. Think About Long-Term Care Insurance
Though you might be feeling better than ever at age 65, it is vital to start thinking about long-term care insurance. Long-term care options include home health nurses, assisted living, or nursing home care. Around half of everyone who turns 65 will need long-term care later in life, even when they do not predict it. A long-term care policy put in place early will help save a lot of money later.
5. Get Your Property Tax Break (And Other Tax Breaks)
Homeowners turning 65 may be entitled to a property tax break, but the discounts and deductions differ from state to state. Your health savings account (HSA) can also provide you with a triple tax break. Don’t forget that starting at age 65, you qualify for a larger standard deduction when it comes to filing your federal income tax return.
About Matthew Bussard
Matthew Bussard graduated from Colby-Sawyer College in 2017 and is the go-to financial service broker for Medicare users across Rhode Island. He volunteers at Oak Street Health Clinics to help clients enroll in Medicare, alleviate any unnecessary medical expenses, and answer healthcare benefits questions. He is passionate about making a difference in his clients’ lives. Mr. Bussard understands the importance of proper healthcare, especially among the older population. He works hard to address his clients’ issues as quickly and efficiently as possible and is always available to guide them through the enrollment process.