Countdown to retirement: One year to go

Retirement » Countdown To Retirement: One Year To Go

No. 3: Plan Medicare and supplements
Plan Medicare and supplements © docent/

After Social Security, enrolling in Medicare is one of the biggest decisions facing retirees, says Murray. Medicare is complex, and enrollment dates differ depending on which part of Medicare you are enrolling in. Here's an overview.

Medicare Part A covers hospitalization; as long as you've worked and paid Medicare taxes long enough, that coverage is free. Medicare Part B covers medically necessary services such as lab tests and doctor visits. If you are already signed up for Social Security or Railroad Retirement Board benefits before you turn 65, you will automatically begin receiving Part A and Part B at that time. If not, sign up for both three months before your 65th birthday.

Medicare Part C refers to Medicare Advantage plans, under which you receive health care services through a health maintenance organization or preferred provider organization. Medicare Part D is the prescription drug benefit program. The enrollment period for both programs begins in the three months before you turn 65, including the month you turn 65, and ends three months later. There are exceptions to these dates, which are outlined in the Department of Health and Human Services' tip sheet, Understanding Medicare Part C & D Enrollment Periods.


Show Bankrate's community sharing policy
          Connect with us

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.


Jennie Phipps

New trick for Roth IRA savers

The IRS recently approved another way to get savings into a Roth via the back door.  ... Read more

Partner Center

Connect with us