Retiring 101
About to retire? Here’s a quick overview of what your next steps should be.
If you are under 65 years old:
If you are turning 65 in the next 3 months , you can enroll in Medicare Part A and B on the Social Security Administration website. Click here to apply.
If you are…
over 65 years old
on Medicare Part A, and
leaving a group health insurance plan to go on Medicare
…then you need your employer to complete form CMS L 564. If applicable, your employer will also need to complete a separate form CMS L 564 for your spouse as well. Once you receive the completed form(s) from your employer, you will will need to submit it to the Social Security Administration (SSA).
In addition to your CMS L 564 form(s), you will need to submit form CMS 40 B to the SSA. You should include your Medicare start date in the remarks section of form CMS 40 B. If applicable, you will also need to complete a separate CMS 40 B form for your spouse.
Note: Group health plans generally end at the end of the month in which you retire. Medicare plans should start the first of the following month. Example: Rich is retiring on April 4, 2023. His group plan will end on April 30, 2023 and he will request a Medicare Part B effective date of May 1, 2023. He will also need to submit a form CMS L 564 and C S 40 B for his wife, Jean.
Additional Information
The official U.S. government Medicare handbook includes additional information about how your other insurance works with Medicare. Page 21 of the handbook is shown here for reference. Please feel free to download the complete handbook on my website by clicking here if you’d like more details.
If you have any questions, please feel free to call me at 203-521-9671. I would be happy to discuss your specific situation and next steps with you.