Sooner or later that day of retirement will come. Now what do you do? If you are still working, moving from an employer plan to Medicare plan needs some thought on your part. On-going expenses or keeping the life style you have become accustomed to are real considerations.
You have worked hard your whole life, paid for unexpected expenses, paid for your kid’s college and now it's you time to retire but you still need to work.
Today’s retirement is different than our parents. No longer are the days when you can just sit back and enjoy retirement. Just meeting daily expenses or having some “fun money” is why many are still working after retirement.
For others, your children are either coming back home or going on to higher education, need financial support or need on-going care. The reality is that you may be funding this from your retirement nest-egg and stopping work is not an option.
Here are some transition guidelines that will help:
1) If your employer provides health insurance, you do not have to sign up for Part B until you no longer have the employer health plan. If you lose your health plan or decide to retire then contact Social Security and enroll in Medicare Part B.
Ideally, it is best to contact me at least one-year before you want to retire. I will meet with you and discuss Medicare, Social Security, conduct a complete insurance review, and make recommendations on how to protect your retirement income.
2) If you are going to continue to work (full-time) and you sign up for Part B, you can delay receiving your Social Security check. Your money will grow in interest and any money you do put into your account while working will also increase your benefit. Weather you have an employer health plan or not, the longer you wait to start receiving your monthly check the higher your monthly check will be.
3) Two months before your retirement, call me. I will meet with you at your home and go over the options you have. All Medicare policies start on the first of the month, so we need to coordinate when your group plans will end and when your Medicare policy becomes active.
At least one month before your retirement birth month, you need to go to www.ssa.gov and sign up for Part B. You cannot get a Supplemental or Medicare health plan without a Medicare card with Part A and Part B issue dates.
4) When you get your Medicare card, call me. I will meet with you at your home and go specific policy benefits and enroll you into a Medicare health plan.