Tips for Your Situation as You’re Turning 65

Know Your Options  

Turning 65 opens the door to new health insurance options. But everyone’s situation is different. Select the circumstance that best applies to your current situation: 

If You’re Going To Keep Your (or Your Spouse’s) Current Employer Coverage

You may need to enroll in Medicare Part B if your employer has fewer than 20 employees. If you don’t, you may
incur penalties. 

Ask your employer if your plan’s prescription drug coverage is as good as Medicare’s coverage (it’s called “creditable coverage”). If not, enroll in Part D to avoid penalties. 

If You’re Not Keeping Your Current Employer Coverage 

Take the following steps to ensure you have the right coverage in place when you turn 65: 

• Talk to your employer to see if there are other options or plans available to people 65 and older. 
• Enroll in parts A and B once you’re eligible. 
• Consider Part C (Medicare Advantage) or supplemental plans for additional coverage. Medicare Advantage plans often feature no deductibles on medical services. They also often offer benefits that go above and beyond Part A and Part B coverage and may have Part D drug coverage included.  
• Sign up for Part D prescription drug coverage.  
  
   

If You Didn’t Purchase Your Current Coverage Through an Employer 

For all other qualified health plans, you will need to enroll in Medicare Part A and Part B and have a prescription drug coverage that’s as good as Medicare’s standard plan (or enroll in Part D) to avoid penalties.  

 A Medicare Advantage plan is a great way to get all of these parts of Medicare in one plan. If you choose to keep your current coverage once you turn 65, you will lose any premium tax credits or other savings you are currently receiving. Since you will still need to enroll in Medicare Part A and Part B, a Medicare Advantage plan may be a better alternative. 

If you have an Essential Plan, your plan will end at age 65, and you will need to enroll in Medicare for health coverage. 

Avoid Penalties 

If you don’t sign up for Part B when first eligible, or maintain creditable prescription drug coverage, you may find yourself paying multiple penalties. Let us help you avoid potential problems. Contact an MVP Medicare Advisor at 1-800-324-3899 (TTY 711).