Your 65th birthday is a big one, and a milestone worth celebrating. But it also has significant implications for your retirement. Here are three things to keep in mind if you’re turning 65 this year.
Medicare eligibility starts at age 65, but you can actually sign up a bit beforehand. In fact, your initial enrollment window spans seven months, beginning three months before the month of your 65th birthday and ending three months after that month. It pays to enroll in Medicare on time, because if you don’t, you could be penalized in the form of lifelong surcharges on your Part B premiums.
Also, enrolling on time will help ensure that you have coverage when you need it. If you leave your job at 65, for example, and lose your employer health coverage in the process, you’ll want Medicare in place. Otherwise, you could be left on the hook for costly healthcare expenses.