Pre-retirement checklist

The year before turning 65 is a good time to review your Medicare options. The first question you need to ask yourself is whether you or your spouse plan to continue working past age 65 and will be covered by an employer’s group health insurance plan.

If the answer is yes, you can defer your Medicare decision, penalty-free, until that employer coverage ends. But if you don’t have access to a group health insurance plan, defined as a company plan for 20 or more employees, then you must enroll in Medicare at age 65 or face lifelong late enrollment penalties.