Business : What you need to do when Turning 65

I'm turning 65- Now What?

There are many decisions to make as you approach the age of 65. Are you still working, do you have group health insurance, do you take social security or just Medicare and what is the best option for you- Medicare Supplement or Advantage Plan? Help is available and I am happy to go over the options with you. The biggest decision to start with is are you taking Part B or not. If you are still working, you most likely want to decline Part B so that you give yourself an open enrollment period into Medicare when you do stop working. Once that decision is made, then you need to decide if you want to go with a Medicare Advantage Plan or a Medicare Supplement plan. There are pros and cons to each and you will talk to people who love and hate Advantage Plans, same with Medicare Supplements. YOU have to decide which will work the best for YOU. I highly recommend reading all the fine print of any Advantage Plan as the biggest complaint we hear with them is that they thought they could go to a certain doctor or facility and can't or pay significantly more if they do. If you choose a Medicare Supplement, then you also need a drug plan. This is one area that the government fines you if you do not have a qualified drug plan. Even if you aren't taking any prescriptions, you must still have a drug plan and there are some very inexpensive ones available.

If you are turning 65 and have questions, I would be happy to help. Stop in at Wilson Hite Insurance or give me a call (319-472-2379) and we can review your options.