Turning 65? Here's What You Need to Know About Medicare
Turning 65 is an exciting milestone, and for many people, it also marks the beginning of a new chapter in retirement planning.
Along with thinking about Social Security, retirement income and how you'll spend your time, you'll need to make some important decisions about Medicare.
If you're approaching 65, you don't have to figure it out at once. But you do want to understand the basic pieces, know your enrollment window and give yourself enough time to make informed decisions.
Here's where to start.
Medicare Has Several Parts
Medicare is not a single insurance plan. Original Medicare consists of two primary parts:
Part A - Hospital Insurance
Part A generally helps cover inpatient hospital care, skilled nursing facility care, hospice care and certain home health services. Most people don't pay a monthly premium for Part A because they or their spouse paid Medicare taxes long enough while working.
Part B - Medical Insurance
Part B helps cover services such as doctors' visits, outpatient care, certain medical equipment, and other medically necessary services.
Part B generally has a monthly premium. In 2026, the standard Part B premium is $202.90 per month, although higher-income beneficiaries may pay more based on their income.
But Parts A and B aren't the only decisions you'll need to make.
What About Medicare Advantage, Medigap and Prescription Drug Coverage?
Once you're eligible for Medicare, you'll also need to consider how you want to receive and supplement your coverage.
Medicare Advantage (Part C) is an alternative way to receive your Medicare benefits through a private Medicare-approved plan.
Medicare Supplement Insurance (Medigap) works differently. Medigap policies supplement Original Medicare by helping pay certain costs that Original Medicare doesn't fully cover. Medigap policies are standardized by plan letter, meaning the benefits of the same lettered plan are generally the same regardless of which insurance company sells it.
You'll also need to consider prescription drug coverage (Part D).
The right combination depends on your circumstances, healthcare needs, existing coverage, and overall financial picture.
Your Enrollment Window Matters
For most people becoming eligible for Medicare at 65, the Initial Enrollment Period is a seven-month window.
It begins three months before the month you turn 65, includes your birthday month and ends three months after your birthday month.
Waiting too long can create problems. If you're not eligible for a Special Enrollment Period and delay Part B enrollment, you may face a late-enrollment penalty and a delay in coverage.
There are important exceptions, particularly for people who continue working and have health coverage through their own or a spouse's current employer. In those situations, the timing of Medicare enrollment can be different.
That's why your Medicare timeline shouldn't be based on a general rule you found online. It should be based on your specific situation.
Medicare Is Part of Your Retirement Plan
One of the biggest mistakes we see people make is treating Medicare separately from retirement planning.
Your healthcare costs are going to be part of your retirement budget. Your Medicare premiums can affect your monthly cash flow. And for higher-income retirees, income itself can affect Medicare premiums.
That means the Medicare decision deserves to be considered alongside the rest of your retirement strategy.
At The Pitti Group, that's exactly how we approach the conversation.
Our Medicare advisor, Sean Hantes, is AHIP certified and can help you understand your Medicare options while our wealth management team considers how those decisions fit into your broader retirement plan.
Don't Wait Until Your 65th Birthday
You don't need to have all the answers today.
But if you're approaching 65, now is a good time to start asking questions.
Book a no-obligation Medicare review with Sean Hantes today.
Sean can help you understand your enrollment timeline, walk through your options, and answer your questions so you can approach Medicare with greater clarity and confidence.
BOOK YOUR MEDICARE REVIEW WITH SEAN!
Disclosure:
The views expressed in this commentary are subject to change based on market, and other conditions. These documents may contain certain statements that may be deemed forward‐looking statements. Please note that any such statements are not guarantees of any future performance, and actual results or developments may differ materially from those projected. Any projections, market outlooks, or estimates are based upon certain assumptions and should not be construed as indicative of actual events that will occur.
The Pitti Group, LLC (“The Pitti Group”) is a registered investment advisor. Advisory services are only offered to clients or prospective clients where The Pitti Group and its representatives are properly licensed or exempt from licensure.
For additional information, please visit our website at www.thepittigroup.com