What do I need to do if I didn't take Medicare at 65 and am now retiring?
Answered by 31 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.
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.
If you did not take Medicare when you turned 65, you must enroll within 60 days of retiring. Usually, when you retire, your group health coverage ends also. So, you must enroll in both Medicare Parts A and B. Doing this will allow you to enroll in a Medigap or Advantage health plan.
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
Please contact Social Security at 18007721213 & speak with a representative or go to a local Social Security office. If you have Group Health plan coverage you will need the employer to complete a form. It is the Medicare Part B form for your employer sponsored Health Insurance. Please have your human resources at your employer complete part of it & then return it. If your Group Health plan mail you a Certificate Of Credible coverage, keep it. It is your proof of Credible Coverage. Thank you.
You will have 60 days from the time you come off your group coverage to enroll in a supplement or Medicare Advantage plan. The Social Security Administration will tell you that you have 8 months to enroll in part B from your last day of coverage. While this is true for part B, it is not true for a supplement or a Medicare Advantage. If you miss this deadline, you may have to wait until the next Open Enrollment to enroll in a plan.
You will sign up for Part A (Hospital) and Part B (Medical). If you worked long enough, you will not have to pay for Part A. For Part B (Medical), you will have to pay the premium each month.
To start, you will need a letter of creditable coverage through your employer which you can get through your Human Resources or Benefits Administrator. You would need this to complete the CMS-L564 form through social security to reflect proof of employment and that you had employer coverage. Most people sign up through the social security website at ssa.gov which is the gatekeeper for Medicare whether you are taking social security or not. You can also call or visit the local social security office.
Once you get your Part A (Hospital) and Part B (Medical) set up, you will be granted a special election period to identify the options that make sense for you.
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.
Since it is extremely common that our Medicare-eligible people don’t want to retire, there’s a customary answer to this question. At age 65, most folks have an employer healthcare plan which has been an acceptable option as a full-time employee for years. So, all you need to do is simply pick up the totally free of premium Part A (this is used for your INpatient Hospital coverage). This will eliminate the employer paying for your hospital coverage! But, your employer plan DOES PAY for: OUTpatient doctor visits, your Rx’s, labs, etc., which is akin to Medicare’s Part B. You would not need that until you have separated/retired from your employer’s plan especially since THAT part of Medicare DOES HAVE a monthly premium! It is based on your two-year old tax return under the line “Adjusted Gross Income” or AGI.
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.
Proper planning and preparation are key to ensuring a smooth transition to Medicare. Assuming your work coverage was creditable, you should not incur any late enrollment penalties. It is wise to enroll in Medicare through the Social Security office three months before your retirement date.
Also, understanding your coverage options and which options best fit your needs is essential. Consult an independent broker for assistance in determining the best fit for your circumstances. The consultation should be free of charge to you.
you can still enroll, but you may face late enrollment penalties. You can enroll during the General Enrollment Period, which runs from January 1 to March 31 each year. You may also qualify for a Special Enrollment Period (SEP) if you had other coverage when you turned 65 and are now retiring.
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.
Start the process of applying for Medicare, ideally on line as soon as possible and request an effective date for part B. Obtain a letter of having had credible insurance from your employer to avoid penalties.
If you have had creditable medical coverage, i.e. a medical plan from your employer, then you would need a letter from your employer stating that you have had coverage along with the starting date of coverage and when it will end. You will need that to sign up for Medicare Part A and B within 8 months of you leaving your employment to avoid any penalties. You would need to contact Social Security if you plan on taking those benefits, and then you could have the Part B premium taking out of Social Security as an option. It all depends upon when you want to take social security. You can go to medicare.gov to find out information or contact an agent to help explain things further to you which is best since every situation can be different.