If you're planning your retirement, it's time to plan your health insurance coverage. If you haven't given any thought to your Medicare benefits, now's the time to do that. If you're like a lot of seniors, you haven't given your Medicare benefits any thought yet. Unfortunately, that can cause problems for you later. If you're not sure you're eligible for Medicare, read the list below. If any of these issues apply to you, it's time to apply for Medicare coverage.
You're Eligible for Social Security
If you're ready to apply for social security, now's the time to start thinking about your Medicare coverage. You can apply for Medicare coverage when you're 65 years old. If you're taking early retirement, you have a couple of years before you can apply for Medicare coverage. But, if you've waited for your 65th birthday to retire, it's time to apply for Medicare insurance.
You Can't Work Due to Disability
If you're out of work due to a long-term disability, and you're receiving SSI or SSDI, you can apply for Medicare coverage. You might not realize this, but Medicare insurance is available to people who can no longer work. This includes those with long-term disabilities. If you think you qualify for disability-related Medicare, talk to your doctor. They can help you with your Medicare application.
You Can't Afford Your Insurance
If you had private insurance when you retired, you might think it's too late to apply for Medicare coverage. That's not the case. Private health insurance rates keep going up. If you can no longer afford the premiums, you can apply for Medicare coverage. You will need to wait for the open enrollment period though. Enrollment opens about once a year. Talk to a Medicare representative about the application process. They can keep you up-to-date on enrollment deadlines.
Your COBRA Coverage Is Lapsing
If you're retiring, and you have COBRA insurance through your employer, it's time to apply for Medicare. You need to apply for Medicare before your COBRA coverage lapses. Otherwise, you could end up paying a late-enrollment penalty. If you're unsure how long you have with your COBRA coverage, talk to a Medicare representative. They can help you avoid problems when transitioning to Medicare coverage.
Don't take chances with your healthcare coverage. Sign up for Medicare insurance and get the benefits you're entitled to. If you have questions about your Medicare coverage, talk to a representative right away. For more information on Medicare insurance, contact a professional near you.