Turning 65 Check List

• Enroll in Medicare Part A and Part B. Almost everyone age 65 and older is eligible to enroll in Medicare Part A (inpatient care) and Medicare Part B (outpatient care).
  
  
• Consider a Medicare Advantage plan. These plans replace and provide broader coverage than traditional Medicare Parts A and B. These Part C plans may include prescription drug coverage.
  
  
• Consider a Medigap insurance policy to supplement Original Medicare. Medicare leaves unpaid at least 20% of your medical bills. Many retirees buy a private Medigap supplemental insurance policy to cover the expenses Medicare does not cover. Your right to buy the policy of your choice only lasts for the six months after enrolling in Medicare Part B.
  
  
• Choose a Medicare Part D prescription drug plan if you are signed up for original Medicare or your Medicare Advantage plan does not include one. The high cost of prescription drugs can eventually eat away at your savings.
  
  
• Consider your Social Security benefits claim. You can you can claim your full Social Security retirement benefits without any penalty for continuing to earn an income at age 66.
  
  
• Consider an annuity to secure your savings while providing an income stream that you can't outlive.
  
  
• See if you qualify for life insurance to pay for your final expenses and pass "Tax Free" wealth along to your heirs.
  
  
• If you have low income and few assets, consider enrolling in Medicaid for full medical coverage and direct financial help. If you qualify, Medicaid will pay the full cost of medical care and even nursing home residence.
  
  
• Finalize your legal documents. Although most seniors are living well past 65, an unexpected illness or accident could make decision making difficult if not impossible. Getting legal documents in order can ensure your decisions are followed in regard to your healthcare, including end-of-life care, your ongoing finances, and your estate. You should have a will, a power of attorney for finances, and a living will prepared in the state you live in to ensure their legality and avoid probate.