07 Jun Keep on Rolling, Boomers
Do you hear that rumble in the distance? It’s the baby boomers coming!
Starting this year, for the next 19 years, there will be 10,000 Baby Boomers turning 65 every day….EVERY DAY!
Typically, turning 65 for previous generations meant fading out over their Golden Years, but Boomers will likely redefine aging. And is it any surprise? They’ve been calling the shots since Woodstock.
This generation defined America’s youth culture and has never taken anything lying down. So, we don’t expect anything less from their retirement years. Boomers will likely stay active longer and won’t give it up without a fight. Always breaking the mold, that’s why we love you, boomers!
While most fear that baby boomers will suck Medicare and Social Security dry, we don’t know that…yet…
Until that officially happens, here are some helpful tips for the Baby Boomers as they approach 65 years young:
- If you are 65, but are not receiving Social Security retirement benefits or railroad retirement benefits, you will need to actively enroll in Medicare.
- You can enroll up to three months prior to your 65th If you sign up before your birthday, your coverage will start the first day of your birthday month.
- You can wait up to three months after your birthday to sign up without any medical questions. However, if you sign up three months before your birthday, you will save yourself from dealing with administrative headaches.
- Medicare Part A covers hospital expenses and is free to anyone who has paid taxes for more than 10 years (or is married to someone who has paid taxes).
- Medicare Part B covers almost all other medical expenses and has a premium of 96.40 or 110.50. (depending on your income)
- Medicare Part D plays by a different set of rules as it runs exclusively through private companies with an average premium of about $41 per month. It is primarily a prescription drug benefit.
- You will find gaps in the coverage, so you may want to seek out a MediGap Policy (also known as a supplement).
- Most people buy Medigap D or F through independent carriers.
- MediGap D pays for your Part A deductible, which is $132.
- MediGap F pays for your Part A deductible and Part B deductible, which is $162. Also, if your physician doesn’t accept Medicare, they can upcharge you 15%. This plan will cover that expense. Therefore, Plan F is the most comprehensive supplement plan.
- Remember if Medicare doesn’t pay for it, a supplement can’t pay for it. There is nothing to supplement.
So, Boomers, we know you’re not getting older, you’re getting better. Don’t think about all of this too much and go enjoy your next chapter!