20 Financial Tips for Retired Married Couples
8. Don’t Forget to Sign up for Medicare
A common mistake that retired married couples make is failing to sign up for Medicare on time. The recommended timeframe to do so is at least three months before turning 65 for each spouse. By waiting to sign up later, there are financial penalties that can be incurred. Couples will also need to take into account the various premiums, copays, deductibles, and coinsurance before making the transition over to Medicare. If you plan to retire before the age of 65, you will need to have a plan for having medical insurance before reaching the required age for Medicare as well. Many times, early retirees will seek coverage through their respective state’s health insurance exchange, or even their past employer depending on the nature of the coverage.
