Adding Medicare Part B when you're ready to retire may seem daunting, but it's a simple process if you're prepared. This session covered everything you need to know, from setting a retirement date to submitting the correct forms and ensuring you're covered without penalties.

Key Takeaways and Next Steps:

Set a Target Date:

Choose a retirement date and plan to start Medicare Part B coverage on the first day of the following month. Aim to submit your forms about 2-3 months before your retirement date.

Complete Form L564:

This employer verification form ensures that you won't face penalties for delaying Medicare. Your employer must sign it, confirming you've had coverage since turning 65.

Submit Documents to Social Security:

Upload your signed Form L564 to the Social Security Administration portal at least 90 days before your intended Medicare start date. Be proactive to avoid processing delays.

Monitor Your Application:

Keep an eye on your email for updates from Social Security and check your portal for confirmation that your Part B coverage is activated on the correct date.

Coordinate Other Healthcare Plans:

While awaiting Part B approval, work with your agent or counselor to arrange any supplemental or alternative coverage needed for retirement.

And remember:

Always consult with your healthcare provider or a Medicare expert to ensure your decisions fit your specific needs.