Can I Get Medicare as Soon as I Retire?
Everyone else needs to wait until age 65 to become eligible for Medicare, no matter when they retire. You can sign up during your seven-month initial enrollment period (IEP), which begins three months before the month you turn 65 and lasts for three months after your birthday month.
So technically yes, you can get Medicare as soon as you retire. You can sign up for Medicare Part B (medical insurance) during your Special Enrollment Period (SEP), which is a period of 8 months that begins 3 months before you turn 65 and ends 3 months after you turn 65.
If you are covered by your employer’s health insurance plan, you can delay enrolling in Medicare Part B until your employment ends or the coverage stops, whichever occurs first. You also have an SEP to sign up for Medicare Part B within 8 months of the day your employment ends or your coverage stops.
If you are covered by your spouse’s employer’s health insurance plan, you can delay enrolling in Medicare Part B until you retire or your spouse retires or loses coverage, whichever occurs first. You also have an SEP to sign up for Medicare Part B within 8 months of the day you retire or your spouse retires or loses coverage.
Here are some things to keep in mind when deciding when to sign up for Medicare:
- Your health insurance coverage: If you have good health insurance coverage from your employer, you may want to delay signing up for Medicare Part B until you retire or lose coverage. However, if you have health insurance coverage with high deductibles or out-of-pocket costs, you may want to sign up for Medicare Part B sooner.
- Your financial situation: Medicare Part B has a monthly premium. If you are still working, you may want to delay signing up for Medicare Part B until you retire and have more income to pay the premium.
- Your future plans: If you plan to retire soon, you may want to sign up for Medicare Part B when you turn 65. However, if you plan to continue working for several more years, you may want to delay signing up for Medicare Part B.
It is important to weigh all of the factors before deciding when to sign up for Medicare. You can talk to your doctor, a financial advisor, or a Medicare counselor to get help making a decision.
To sign up for Medicare, you can visit the Social Security Administration website or call the Social Security Administration at 1-800-772-1213.
