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Planning for retirement? We can help.
At SelectQuote, we can help you navigate Medicare Advantage plans and your needs come retirement. It’s free and there’s no obligation to enroll.
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Retirement and Medicare
If you’re approaching those golden years of retirement, it’s a good time to learn more about your healthcare coverage options. Health can be one of the biggest expenses you’ll have to face during your senior years, so it’s important to understand what Original Medicare covers, what Original Medicare costs, and how you will budget for these expenses.Original Medicare includes Medicare Part A and Medicare Part B. Part A (hospital insurance) is premium-free if you or your spouse paid Medicare taxes for a certain amount of time while working. Medicare Part B (medical insurance) requires a monthly premium from everyone who signs up for it. In 2025, the standard premium is $185, but your premium cost could be higher if your income exceeds a certain amount.With Original Medicare, only 80% of your healthcare costs are covered. Individuals may choose to purchase a Medicare Supplement Insurance plan to help cover the cost of copays, deductibles, and coinsurance. Another option to consider is a Medicare Advantage plan. Also known as Medicare Part C, these plans are offered by Medicare-approved private health insurance companies and are legally required to offer at least the same benefits that are provided by Original Medicare, but may include additional routine benefits.
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Preparing for Medicare Before Retirement
Before you move into retirement, there are several important things to consider to ensure you’ll receive coverage for your medical needs.
Gather Personal Health InfoAs you sign up for Original Medicare coverage, it will be important for you to jot down the details of your current insurance plan, healthcare provider contact information, list of prescription medications, and any previous or existing health conditions. We offer a checklist to help you gather this information in one place.
Identify Your Eligibility to EnrollMost people turning age 65 are automatically enrolled in Medicare Parts A and B on the first day of their birthday month. Original Medicare beneficiaries are eligible to enroll as early as three months before their 65th birthday and throughout the three months following. If you are not receiving Social Security benefits, you may not be automatically enrolled and will need to do so during your Initial Enrollment Period. There are multiple enrollment periods associated with Medicare plans that you should understand.
Ensure Your Doctor(s) Accept Medicare PlansContact your current doctor(s) to ask whether they accept Medicare plans. If they do not accept Medicare plans, you may want to consider finding a new doctor.
Learn the Basics of Medicare PlansIt is important to have a basic understanding of the different parts of Original Medicare, as well as an understanding of Medicare Supplement and Medicare Advantage plans.
- Part A covers hospital expenses
- Part B covers doctor’s office visits
- Part C replaces Part A and Part B and is also called Medicare Advantage
- Medicare Part D provides coverage for prescription drugs
Plan to work past 65? Understand Your Current CoverageIf you’re actively working and want to keep your group health plan, you may be able to delay enrolling in Original Medicare (Part A and Part B) without having to pay a penalty when enrolling later.
Key Considerations That Can Affect Healthcare Costs
HealthA chronic condition will likely add additional expenses. It’s important to weigh your particular health circumstances and potential future health risks as you consider how to manage your healthcare costs in retirement.
Your EarningsIf you enroll in a Medicare plan and still work, you might find yourself paying an income-related monthly adjustment amount surcharge, known as IRMAA, in addition to your regular monthly premiums, like a Medicare Part B premium or Part D premium.
Contributions to a Health Savings Account (HSA)If you’re still working and your employer offers an HSA option, look into it. The funds you contribute are tax-deductible or pre-tax deductible and are tax-free if you withdraw money to use toward medical expenses. Most beneficial, once you retire, your HSA funds can still be used to help pay your healthcare costs tax-free.
Which Plan You Choose
Be sure to consider your Medicare plan options carefully and seek advice from a licensed insurance sales agent. While lower premiums can be attractive, you may end up canceling out your savings from paying high deductibles and coinsurance. Make sure you understand what expenses you will be responsible for paying.
If You’re Still EmployedIf you’re still working and your company has more than 20 employees, you may choose to keep your group health coverage if it’s more cost-effective, but you may find that enrolling at least in Medicare Part A can be advantageous.
Where You LiveKeep in mind that while Original Medicare’s premiums are standardized, the cost of healthcare (doctors, hospitalization, prescriptions, etc.) can vary based on where you live.
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Our licensed insurance agents can help you better understand the ins and outs of Medicare plans and, in just minutes, will compare Medicare Advantage plan options that may be available to you.
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