What do I need to do if I didn't take Medicare at 65 and am now retiring?
Answered by 17 licensed agents
A few things need to happen AHEAD of your retirement date. First, once you know the date you are retiring you will need to apply for Medicare Part B. You will need to create a 'special enrollment period' as you are (most likely) outside your turning 65 enrollment period. You will need to fill out Medicare Forms: CMS L564 and CMS 40B. CMS L564 is partly filled out by you and then the remainder is completed by your employer. It explains that you are retiring and losing employer coverage. CMS 40B is your application for Medicare Part B. It, along with CMS L564, explains to Medicare that you are losing coverage through your employer and now need to elect your Medicare Part B benefits.
The agent will need to check to see what penalties will apply to your enrollment. Some of these penalties can only be determined by Medicare. But Medicare is governed by timelines, and it is very important to have an agent you trust to work out the details of your circumstances. There are 10% penalties for Medicare Part A and B in most circumstances. There is a 1% penalty for Medicare Part D on late enrollment. These penalties accumulate per month that you go without coverage, and they become part of your coverage expenses in the future under Medicare.
Depends on why you did not take Medicare. If a person has employer insurance, which is considered "credible coverage" then when a member leaves the employer plan, they need to contact social security & sign up up for Medicare. This must be completed within 63 days of ending the employer plan
Many people work past 65 these days. It's not a problem - as long as you have had health coverage through your employer. Now that you want to retire, you need to get a Medicare number and effective dates for Medicare Parts A&B. If you already have a Medicare card and an effective Part A date, you need only apply for Part B. You can do this by going on-line at medicare.gov or by working through your local Social Security office.
Once you have an effective A&B date, you are then ready to consider whether you want to enroll in a Medicare Advantage Plan or a Medicare Supplement Plan to help defray the expenses that Medicare does not cover.
Well, firstly, Congratulations!!! I'm sure it was with years of hard work! And now we need to get the health portion of your years in the right direction!
You are now in what is known as a SEP (Special Enrollment Period). You want to go to Social Security and file to receive your benefits now, and submit that you are ready for your Medicare!
Next, you need to decide on how your Health Insurance will be taken care of in the retirement years. You may have many choices! Are you covered through a School, government, or military plan? Did you work for the Railroad? But if a member of the private sector who doesn't have those choices, you will choose from the 3 elements of Original Medicare only, with a supplement plan, or exchange your Medicare to accept a Medicare Advantage Plan.
But you want to take your Part A, even if you have permanent coverage through your employer. That could have been done when you turned 65. If you deferred your Part B when you turned 65, you need to let them know you are accepting that now. Also, you will need to choose a Part D provider, unless you are accepting a Medicare Advantage plan that includes a Prescription plan. Don't miss this, as you can end up with permanently attached penalties moving forward.
I would always recommend speaking with a Medicare professional face-to-face, and get the assistance to make this time easier and with more confidence.
Hopefully you chose not to get Medicare because you had an employer plan. If that is the case, reach out to SSA (I like SSA.GOV) and apply for Medicare part B. SSA will reach out to you with a few forms that they want your employer to fill out as well as some info about your past plan. If that’s not the case and you are just now getting onto Medicare and you haven’t had other credible coverage then there will be penalties added onto your Medicare part B premium as well as a penalty added on to your part D premium (LEP). Depending upon how much time has passed will determine how big or small your penalty is.
Get with an agent to make sure what you are eligible for, making sure there are no penalties and fees. Plus making sure the client isnt already covered with a work plan.
Apply for your Part B thru Social Security, they may give you a form to take to employer to comply and show how creditable your group health drug coverage was post 65 . That form will go back to social security with part B application.
You should meet with a licensed agent ASAP. If you wait to long penalties could into play. And your insurance with your job could play a vital part in your coverage.
First of all, congratulation on retirement, you deserve it! The first 2 important item are Medicare Part A and Part B. In general, as long as you worked for 10 years or 40 quarters, Part A which is hospital coverage should have already been issued, even if you were still working. You must apply for part B. You can contact Medicare by calling or stopping by the local Medicare or Social Security office. If you are a little tech savvy, I believe the option with the least hassle or most efficient would be to visit on-line and complete a Part B application at: https://www.ssa.gov/medicare/sign-up/part-b-only. For most Medicare recipients, in 2025, Part B will cost $184.70 a month with a higher sliding scale depending on income. Once you receive you part B effective date you will have 60 days to sign up for a prescription drug plan. Do not delay on signing up for prescription drug plan. Be aware if you pass the 60-day window, Medicare can penalize you for the rest of your life! Along with Part A and B you should also explore the option of Medicare Supplement or Medicare Advantage plan to give you additional coverage where Part A and B do not.
As long as you were covered by your employer's insurance plan with 20 or more employees, you are now able to transition into Medicare without any issues. You will need to apply for Part A and Part B to begin the Medicare journey. Once you have your number and starting date established, you are eligible to sign up for a Supplement or Advantage plan of your choice. We always encourage folks to watch our educational webinar that explains how Medicare works and what options they have with Medicare. It is important to educate yourself so that you can make the right decisions about your coverage.
Your first step is to apply for Medicare Part A (Hospitalization) and Part B is Medical. There will be a premium for Part B that changes every January. Typically Part A is at no cost.
Apply for Medicare Part B by creating a 'special enrollment period'.
Fill out Medicare Forms CMS L564 and CMS 40B
Typically, what I tell my clients is that this needs to be done at least 2 months before your retirement or when your creditable coverage (health insurance) from your employer ends. You have a 63 day window after your medical coverage ends after age 65, to not be subject to a Part B penalty.
