Retiring and Making the Switch To Medicare
Are you preparing to retire and leave your employer-sponsored health insurance and make the switch to Medicare? This transition can be daunting, but understanding the steps involved can 
make the process smoother. Here’s a comprehensive checklist to guide you through retiring and enrolling in Medicare. (Read this article If you are already enrolled in a Medicare Advantage plan, but wish to return to traditional Medicare.)
1. Don’t Rush into Medicare Part B
If you are still working and receiving employer-sponsored health insurance, it’s usually not necessary to sign up for Medicare Part B just because you turned 65, especially if you work for a large employer with 20 or more employees. There are exceptions, so it’s crucial to understand your specific situation. For more detailed information, refer to our related article, “Understand What You Are Getting Into.”
2. Keep Employer Plan Disclosures before Retiring
Documents like CMS-L564 and Annual Notice of Creditable Coverage for prescriptions are essential if you’re 65 or older. Discarding these could lead to extra costs after retiring and switching to Medicare. We recommend starting a Medicare Preparedness File where you can keep this article and other crucial documents as part of your checklist. Schedule a free Calendly Meeting if you would like more information.
3. Keep Your “Friends Close but your Doctors Closer” before Switching to Medicare
You may have experienced difficulty finding a primary care physician in the Bay Area. Have a conversation with your PCP to confirm if they accept new (or existing) patients on traditional Medicare. It’s also prudent to ask if they plan to retire soon. Knowing this early can give you ample time to find a new primary care physician if necessary. This is critical: If you schedule a free consult, we will send you some great resources.
4. Seek Guidance from an Independent Medicare Agent
Find an independent agent who specializes in Medicare health plans and offers a broad range of options. Their unbiased advice is invaluable as Medicare plans can change over time. An agent can help you develop your transition plan for retiring and making the switch to Medicare Part A and/or Part B, including a bridge plan for a spouse or partner. Additionally, they can provide independent feedback on Medigap plans and help you navigate through various Plan G options. For more insights, check out our article, “The Buzz About Plan G and Plan G Extra.”
By following these steps can help you achieve a seamless transition from your employer health insurance to Medicare, and avoid unnecessary hassles or anxiety.
Related Links
- CMS-40B ENGLISH HTML
- CMS-40B – Spanish – HTML
- Apply for Medicare-Part B Online During a Special Enrollment Period
- CMS Accessibility & Nondiscrimination for Individuals with Disabilities Notice
- SSA Office Locator
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