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Southern Maine Retirement Services

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Retirement Checklist

How Medicare Changes When You Work Past 65

September 29, 2022 by SMRS Team Leave a Comment

If you’re not receiving Social Security benefits at age 65, you won’t be automatically enrolled in Medicare. This means that many people are still working and have decisions to make about employer-provided insurance v. Medicare plans. There are several things to consider before making these decisions though, so let’s review a few of the most common factors. Keep in mind, this is just a brief overview to get you started – talk to your insurance company, your employer or our team at SMRS to fully discuss your unique situation.

Elderly businessman greeting while video conferencing on laptop about Medicare

I Have Insurance Through Work! Do I Need Medicare?

If you’re over the age of 65 and still working, chances are good you already qualify for Medicare Part A without having to pay a premium. However, if you work for a company with more than twenty employees, you likely also have coverage from your employer still available.

In this case, you may want to enroll in Part A, since it will have no out-of-pocket costs while still allowing you to retain your employer-provided insurance for things like prescriptions. In this case, with coverage from both, there are rules about which plan will cover costs first.

Another thing to consider is that if you qualify for Part A and decide to enroll, but keep working past 65, it can impact your Health Savings Account (HSA). Talk to your employer about ending contributions six months before you enroll in Part A to avoid penalties.

You can also fully enroll in Medicare and decline employer coverage, or choose to stay on your employer’s coverage entirely and decline to enroll in Medicare until you retire. Many people choose to wait to enroll in Part B until retirement in order to avoid paying premiums until they are without employer coverage.

For those who work for smaller companies, the first step you’ll want to take as you approach age 65 – even if you plan to work past that age – is to ask your employer if you should enroll in Medicare, or if you’ll still be eligible for employer-provided insurance.

Do Enrollment Rules and Deadlines Change?

When you work past 65 and wait to enroll in Medicare, the rules about enrollment are different than if you retire at 65. This is an important thing to keep in mind so you do not incur fines or miss opportunities for enrollment.

It’s also important to ensure you allow enough time for enrollment to take effect before retiring. For example, if you don’t have Medicare Part B but plan to retire and will be losing your employer-provided coverage, enroll in Part B three months before your retirement date.

You will only have 60 days from that Part B effective date to enroll in a Part C or Part D plan without incurring fines or getting coverage before the next January 1st open enrollment effective date.

Talk to Us

Are you planning to work past 65 and unsure what the best way to handle Medicare is? Our team would be happy to talk you through your options, discuss your unique situation, and help you decide the best path forward for your medical needs and budget. Please give us a call at (207) 647-2900 or 1-(866) 866-4340.

Filed Under: Medicare Eligibility, Retirement Checklist

Regardless of Financial Situation, We Can Help

July 27, 2022 by SMRS Team Leave a Comment

Southern Maine Retirement Services was founded because we want to help everyone we can get the best Medicare plan for their situation. We’ve been through this process before, and we’re eager to do everything we can to ease the burden of complex jargon and confusing documents.

Whether you are on a fixed income or are fortunate to have a steady, comfortable retirement income, we encourage you to consider all the Medicare options available to you and we are here to help you through the process.

Regardless of Financial Situation, We Can Help
Medicare Should Be Considered By Everyone

If you’re over the age of 65, there are no income limits for receiving Medicare benefits. However, premiums may vary based on your income level and the type of plan you are signing up for. Don’t let this stop you from looking into Medicare, though – Medicare plans may still be a good financial choice for those with higher incomes.

Having all of the information available about different plans and different ways to combine plans can help you make the best choices for both your budget and your health care needs. Whatever your income, it’s worth it to consider all your options for health insurance coverage, including Medicare, as you approach retirement.

How Much Do SMRS Services Cost?

Working with Southern Maine Retirement Services is free to you! Our business model allows us to work with everyone who needs our services, regardless of income or budget. We started our services this way, and it’s the way we plan to keep it. Importantly, this does not impact our approach, either – if we need to refer you to another service to ensure you can get connected with the best insurance plan for you, we’ll do that.

Our first priority is making sure we are serving our clients well and setting them up for an easier transition into retirement.

Talk to Us

Our team is here to help you determine the best Medicare plan for your situation. We’re caring, knowledgeable professionals and always ready to have a conversation and answer your questions. If you have questions about Medicare, or would like to learn more about our services, please call us today at (207) 647-2900 or 1-(866) 866-4340.

Filed Under: Medicare Eligibility, Retirement Checklist

Our Retirement Checklist

May 11, 2022 by SMRS Team Leave a Comment

As you approach retirement, you have many decisions to make that can be quite complex. Getting Medicare right is an important piece of being prepared for retirement, but is only one of the factors to consider as you look forward to the next stage of your life.

Our Retirement Checklist

At Southern Maine Retirement Services, we focus on Medicare, but we also see the big picture of how all aspects of your retirement plan come together for you. Doing so helps us to guide you through the Medicare process and select the plans that work for you. Being organized and planning ahead can make everything go much smoother and be much less stressful when it comes time to make decisions and actually retire. In this blog, we’ve put together a checklist of items you should have prepared or at least be ready to address as you approach retirement.

Social Security

Understanding your Social Security benefits and how they are impacted by when you retire is crucial for having a full picture of your retirement finances.

Full retirement age for Social Security is 66, but people may choose to retire earlier or later. The age at which you retire can impact your benefits, as can continuing to work while drawing Social Security.

Every year, you should be receiving a statement from the Social Security Administration. Included with this statement is an estimate of the benefits you can expect if you retire at full retirement age. We recommend looking at this estimate each year, and then doing the research – perhaps speaking with a professional if you need to – to determine how your plans to retire early, retire late, or other factors may impact what you are expecting for Social Security payments.

Notably for our purposes, being enrolled in Social Security at age 65 does mean you are automatically enrolled in Medicare. If you have questions about this aspect of Social Security, the team at SMRS would be happy to speak with you.

Checklist Item: Look at your annual Social Security statement and do the necessary research to determine how your retirement plans will impact your benefits

Income and Tax Items

As you look towards retirement, it is important to speak with a financial advisor who can help you assess the best arrangement for any income you have coming in as well as your retirement funds. If you already have these arrangements in place, take the time to get to know which types of retirement accounts you have and their tax implications.

Roth accounts, tax-deferred accounts, bank accounts, brokerage accounts, health savings accounts – all of these may be taxed differently, which will have an impact on how you want to or can use the money and what your budget is. You’ll also need to understand how Social Security payments, pensions, or other investments will be taxed.

Checklist Item: Speak with a financial professional about how retirement accounts and other income will be taxed

What Medicare Options Are Available?

Knowing that you have health insurance that will be adequate for your needs while not unduly straining your budget is key to enjoying retirement. As you approach age 65, whether you choose to retire then or not, it’s time to start assessing your Medicare options. If you keep working past 65, you may decide to keep your workplace health insurance. If you enroll in Medicare as soon as you’re eligible, you may want or need specialty plans due to existing health conditions and medication needs.

When picking your Medicare plan, you’ve four different options to choose from:

  • Original Medicare A&B
  • Medicare Part D
  • Medicare Supplements
  • Medicare Advantage

You can learn more about each of these on the Medicare website here – but don’t hesitate to call us at (207) 647-2900 for more details and a frank conversation. We’re here to talk it all through with you, walk through your questions and make sure you’re ready to have the retirement you deserve.

Checklist item: Speak with the team at Southern Maine Retirement Services to bring the big picture together and understand which Medicare plan(s) is best for you, your unique situation, and your budget.

Talk to Us

Our experienced team is here to assist you through your retirement journey in 2022 in the best way possible. If you have any questions, please feel free to call us at (207) 647-2900 or 1-(866) 866-4340 to discuss your Medicare options. We look forward to working with you and helping you have a smooth transition into retirement.

Filed Under: Retirement Checklist

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Professional, personable, thorough, and in the end helped me make the best decision possible. They took the time necessary to explain every aspect of Medicare and the supplements and advantage plans that best fit MY needs. All of the service they provided didn’t cost me a dime more and actually saved me time and money!

— William S.

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Copyright © 2023 Southern Maine Retirement Services | Developed by Anania Bailey

We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.