Retiring in 2022: What to Know About MedicarePublished by: ![]() If you’re planning to retire in 2022, there are some things to know about Medicare enrollment. Depending on which situation you best match below, you have some options to think about. Read through a quick list of things everyone should know about Medicare and then find the situation that best matches you.
Things Everyone Should Know About Medicare When Retiring in 2022
Whether you’re turning 65, are already 65, or are older than 65 it doesn’t matter. If you’re planning to retire in 2022, these are some key things you should consider.
1. Talk with your employer benefits administrator early – at least 6 months before retiring if possible.
2. Identify and mark your calendars for your Initial Enrollment Period dates (if you’re under 65 or will be 65 at retirement) or for your Special Enrollment Period dates (if you’re over 65 and qualified to delay enrollment).
3. Enroll as soon as you can. Whether it’s the first month of your Initial Enrollment Period or Special Enrollment Period, enroll as early as possible to avoid late enrollment penalties for Parts A, B and/or D.
I’m Retiring In 2022 At Age 65 or Before I Turn 65
If you’re retiring before you turn 65 or right at age 65, it’s important to make sure you start learning about Medicare and to talk with your benefits administrator early on. A great way to learn about Medicare is this helpful 7-part free email series that walks through the basics, Medicare enrollment, your coverage options and more.
Here’s what else you need to know:
NOTE: If you’re covered by your spouse’s employer plan your Medicare enrollment options may be different. You may be able to delay enrollment or you may have to enroll during your IEP still. Some employers may require covered dependents of Medicare age to get Medicare in order to remain on the employer’s plan. The employer’s benefits administrator will be able to tell you.
I’m Retiring and I Am Over 65
If you’re already over 65 and are planning to retire this year, and you had creditable employer coverage, you will enroll during what is known as your Special Enrollment Period. This period begins when you retire or lose your employer coverage, whichever happens first. Make sure to identify your Special Enrollment Period dates. Get them using the calculator here.
Here’s what you need to know about your Special Enrollment Period:
Number two above is especially important to pay attention to as it can catch a lot of retirees off guard and result in accidental late enrollment penalties.
Special Notes - COBRA:
Important Things to Know If You’re Over 65
If you are retiring after age 65 and did not qualify for a Special Enrollment Period with creditable employer coverage you may have a different Special Enrollment Period if you took COBRA or retiree coverage, or you may be considered as having missed your Initial Enrollment Period.
If you qualify for a Special Enrollment Period for when you leave COBRA or retiree coverage, you only have 2 months to enroll in Medicare Parts A, B, C and D. You need to talk with your employer’s benefits administrator and Medicare to see if this is possible for you.
If you’re considered as having missed your Initial Enrollment Period as you’ll have most likely have to enroll during the General Enrollment Period and may have to pay late enrollment penalties.
Start Learning About Medicare Before Retirement
No matter your situation when it comes to retiring and Medicare, the first steps should always be to talk with your employer’s benefits administrator and to start learning about Medicare early on. This way you’re prepared for enrollment, won’t be caught off guard with penalties and can handle Medicare enrollment with complete confidence. Learn More About How to Enroll
Find out how to enroll in a Medicare Advantage or Medicare Prescription Drug plan. Medicare Made Clear![]() Medicare Made Clear is brought to you by UnitedHealthcare to help make understanding Medicare easier. Click here to take advantage of more helpful tools and resources from Medicare Made Clear including downloadable worksheets and guides. Medicare Made Clear
Whether you're just starting out with Medicare, need to brush up on the facts, or are helping a loved one, start your journey here.
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