7 hours and 17 minutes to go

[sam_gordon]

I picked my retirement date based on health insurance/ Medicare. At my company, as long as you work a full shift in a month, you’re covered on their health insurance until the end of that month. So I worked 1 day in the month before my 65th birthday & had my employer provided health insurance until the last day of the month. The 1st day of my birthday month, my Medicare started.

And BTW, retirement is awesome. Highly recommend.

So Medicare can start before you turn 65? I get that we're only talking 3-4 weeks, but I thought you had to be 65.

 

[slo]

I’m 13 days until I get to make my ADRs for our WDW trip that is 73 days away

 

[3rd_time_the_charm]

And here we are again today. Wishing our lives away. But it’s good to have something to look forward to!

 

[lanejudy]

So Medicare can start before you turn 65?

For most, Medicare can be set to take effect on the first of the month that you will turn 65. If your birthday is the first, Medicare will start the month prior.

 

[sam_gordon]

For most, Medicare can be set to take effect on the first of the month that you will turn 65. If your birthday is the first, Medicare will start the month prior.

Thanks! I didn't know that. Hmmm... that gives me another possible date then. lol

 

[ronandannette]

I’m 13 days until I get to make my ADRs for our WDW trip that is 73 days away

I’m 7’ish years away from retirement, so there’s no point starting to count down to that. Let’s focus on vacation!! We leave for London in exactly 3 weeks.

 

[focusondisney]

So Medicare can start before you turn 65? I get that we're only talking 3-4 weeks, but I thought you had to be 65.

It covers you for the whole month, so starts the 1st day of the month. You can apply from 3 months before you turn 65 until 3 months after. If you sign up before your birthday month, it will start day 1 of your birthday month. If you sign up during your birthday month or in the 3 months after, it will start day 1 of the following month.

Note: Part A that covers hospitalization, is paid for by premiums you’ve been paying your whole life. If you don’t sign up in those 7 months when you’re initially eligible, there is a lifelong penalty. This applies even if you have employer provided health insurance. There is no charge/ premium for Part A once you are eligible. So it’s best to start at least Part A when you turn 65, to avoid the life long penalty.

 

[sam_gordon]

It covers you for the whole month, so starts the 1st day of the month. You can apply from 3 months before you turn 65 until 3 months after. If you sign up before your birthday month, it will start day 1 of your birthday month. If you sign up during your birthday month or in the 3 months after, it will start day 1 of the following month.

Note: Part A that covers hospitalization, is paid for by premiums you’ve been paying your whole life. If you don’t sign up in those 7 months when you’re initially eligible, there is a lifelong penalty. This applies even if you have employer provided health insurance. There is no charge/ premium for Part A once you are eligible. So it’s best to start at least Part A when you turn 65, to avoid the life long penalty.

Thank you so much! I had no idea. Since I'm still many years out, I hadn't looked that close at the details. I just knew you had to be 65 to qualify.

I really appreciate the information!

 

[slo]

I’m 7’ish years away from retirement, so there’s no point starting to count down to that. Let’s focus on vacation!! We leave for London in exactly 3 weeks.

I love this for you!
I’m hoping to travel there one day
I hope you have the best trip!

 

[dez1978]

How did you all pick your retirement date? Your birthday? Anniversary with the company? End of a year?

I have less than 10 years, but can't decide, and I know I don't need to yet, which of those I want to go with. Just curious what others have done.

I work for the state. So mine is set with some 80 and out formula. Your age + years of service+80. So my earliest eligible retirement date is may 30, 2030. After that I could stay and do whats called backdrop, but you have to do a min of 2 years and a max of 5. So I guess it really depends for me what our finances are and how much I could get insurance for privately at that time bc I'll only be 52, and still have a kid in high school and my job carries the insurance.

 

[lanejudy]

If you don’t sign up in those 7 months when you’re initially eligible, there is a lifelong penalty. This applies even if you have employer provided health insurance.

Sorry but this is not exactly accurate.

The initial “open enrollment” to sign up for Medicare is that 7 month period. But if you currently have “qualified/creditable coverage” (such as through an employer) you are NOT required to sign up for Medicare unless you wish. You can sign up later during a “special enrollment” period if you lose that qualified coverage (such as a job loss, a retirement, death of a spouse, etc.) without the penalty. You will need to prove the qualifying coverage which the employer should be able to do easily.

ETA: it is dependent on one’s specific situation, so always advised to check with your HR/Benefits office and your financial planner.