Ensuring that your health is taken care of later in life is important. Knowing when to sign up for Medicare benefits can be confusing, especially in an age where retirement does not occur at age 65. Here are some deadlines to think about as you approach age 65 and prepare for retirement.
Medicare Eligibility
In order to be eligible for Medicare you must make sure that either you or your spouse have paid FICA taxes for at least 40 calendar quarters. FICA are what are commonly called “social security taxes” and are included as part of the income taxes you pay each year. If you do not meet the 40 calendar day requirement, you can pay for Medicare Part A, but it can be very costly.
Medicare Enrollment
The important date to remember is your 65th birthday. That is a critical date for enrolling in Medicare. The only way that you do not have to take an active role is if you are receiving Social Security benefits before your 65th birthday. If that is the case, you will be automatically enrolled in Medicare.
It is very important to note, even if you do not plan on retiring or collecting social security benefits before your 65th birthday, you must enroll prior to that date. Your eligibility begins three months before that date. If you do not enroll prior to your birthday, you can be assessed a penalty to your premiums.
Contact Stano Law Firm for any questions you might have on Medicare enrollment or eligibility requirements.
