65+ Retirement Planning

Assisting Your Retirement Age 65+

Individuals, who are age 65 and over, have several items to consider for continuing healthcare coverage and how to pay for it.

Option 1: Move to a Spouse’s Plan

Retirement is a qualifying life event that would allow you to move on to a spouse’s insurance plan. Be sure that the plan has “creditable coverage” as defined by Centers for Medicare & Medicaid Services (CMS).

Option 2: Enroll in Medicare A & B and Choose a Supplemental Plan

Timeline Before Retirement:

6 Months Prior- Stop HSA contributions by completing the HSA Election Change Form

- (Applicable only to employees age 65+ on High Deductible Health Plan contributing to an HSA)

90 Days Prior – Schedule meetings with HR & Social Security

Set up Medicare A & B for first of month following retirement date
- (e.g. Faculty retire 8/31, Medicare enrollment date will be 9/1)
- (e.g. Staff retire 5/10, Medicare enrollment date will be 6/1)

60 Days Prior – Watch mail for Medicare Card

45 Days Prior –Meet with HR to discuss Medicare Supplemental Plan & COBRA