Don’t wait! – Start planning Medicare coverage at 64

By Gregory Wright
CEO, UnitedHealthcare Medicare & Retirement, California

If you’re retiring soon – or know someone who is – you’re not alone. In 2024, a record 4.1 million Americans are expected to retire, with over 11,000 turning 65 every day. This phenomenon is sometimes referred to as “Peak 65” or the “Silver Tsunami” and will continue for the next several years – meaning a lot of people and their families are looking for answers about Medicare.

Companies advertising Medicare plans and Medicare enrollment opportunities may open their commercials with a person asking, “I just turned 65. What are my coverage options?” With all the coverage options and first-time enrollment deadlines, people should begin planning early – and not wait until their 65^th birthday to start thinking about their retirement health insurance needs and options.

Following are some tips to help you, a loved one or an employee plan for post-retirement health care and to enroll in Medicare.

Think 3-1-3. You are eligible to apply for Medicare coverage between the three months before you turn 65 – the month you turn 65 – and the three months after turning 65. This is referred to as your initial enrollment period.

Understand the consequences of your choices. While you are not required to get Medicare, if you decide not to enroll at age 65 and do not qualify for a special enrollment period, there may be penalties when you do enroll – and these can be costly.

Celebrate your 64^th birthday. Thinking about retiring and what is next can be stressful so take time to enjoy your birthday, relax and then start planning.

Begin planning right after your 64^th birthday. Following are some questions to get you started.

• Am I required to get Medicare coverage?
• Are you planning to work past 65? Do you have coverage through your employer or spouse?
• Can I get dental, vision and drug coverage in addition to medical coverage?
• What if I cannot afford Medicare?
• What if my birthday falls during the annual enrollment period? Or just before? Do I need to enroll twice? How long am I covered under my Initial Enrollment plan?
• What if I do not enroll on time?

While beginning to plan early should avoid having to contemplate the consequences of not enrolling on time, choosing the right Medicare plan may still seem confusing. Many pre-retirees may never have shopped for their own health insurance. They chose between plans offered through their employers if, in fact, they were offered options.

However, there are lots of resources that can help guide one’s decisions. Medicare.gov is one place to start. You may also visit UnitedHealthcare’s Medicare Made Clear, which provides information on plan benefits, details on various enrollment periods and other resources to answer your questions.

Medicare plays an important role in the lives of people as they age. Making the right decisions right from the start can have long-term financial and health consequences so plan early – and you can fully enjoy a stress-free 65^th birthday.