Turning 65 is a milestone birthday, bringing with it Medicare eligibility and the accompanying choices. In addition, there are a number issues to be addressed.
When you turn 65, these are the 10 things you need to do:
1. Sign up for Medicare. This requires you to apply for Medicare Parts A & B or choose a Medicare Part C Advantage Plan. You will also have to sign up for Medicare Part D, prescription drug coverage, unless your Part C Advantage Plan has drug coverage or you are taking care of credible drug coverage yourself. Failure to sign up for Parts A, B, & D at the correct time may subject recipients to penalties.
2. Research and purchase a Medicare supplemental insurance policy (also known as a Medigap).
3. Complete a review of your financial status to confirm you are on track with your retirement plan and can pay for your long term care as you age. If not, make necessary adjustments to your employment and savings plan to achieve these goals.
4. Decide when to claim your Social Security retirement benefits (assuming that you are not receiving them early). When you make your Social Security retirement claim may depend on what you need to do to meet your financial goals prior to retirement.
5. Meet with your accountant to determine if you are eligible for any state or local tax credits, deductions or reductions due to your age. Also determine if there are additional steps you should be taking to reduce your tax liability as you age.
6. Determine if you are eligible for and financially able to purchase long term care insurance, if you have not already done so, or whether you can convert life insurance policies into policies with long term care benefits. If you are eligible and can afford long term care insurance, purchase a policy that will fit your personal needs and financial means.
7. Complete a review of your estate plan with your attorney. Make sure you have a current durable power of attorney, health care surrogate designation and end of life decision-making documents, and an updated Last Will & Testament. You may also need to consider a trust.
8. Start taking advantage of all the available senior discounts if you have not already done so.
9. Have a family discussion regarding how you want to be cared for as you age and at the end of your life. Making your family aware of your plans and wishes early will save you and them time, money and stress.
10. If you have no children at home, consider whether you can continue to live in your home if your physical and mental abilities should decline. If you want to stay in your home, make necessary changes to your home to ensure that it will remain universally accessible. If you do not want to continue to live in your current home, decide where you want to live and how you will finance that transition.
Completing these tasks will give you and your family peace of mind and a foundation for care as you age. Feel free to leave additional suggests below in the comments and let us know your experiences. Our blog readers will also benefit from knowing what lies ahead.
