| If you're about to turn age 65 (or know someone | | | | claim reduced benefits as early as age 62, while |
| who is) it's time to consider some things that can | | | | others wait until after full retirement age (up to |
| greatly affect your finances and healthcare. In the | | | | age 70) to claim higher benefits. Deciding when it's |
| months leading up to -- or in the months | | | | best for you to claim Social Security benefits for |
| immediately following, if you've been a little slow -- | | | | yourself, your dependents, and your survivors |
| your 65th birthday, do the following: | | | | takes a little planning. |
| * Enroll in Medicare Part A and Part B. Almost | | | | * Find out about extra help if you have low |
| everyone age 65 and older is eligible to enroll in | | | | income and few assets. There is both full medical |
| Medigap supplemental insurance policy. Your right | | | | coverage and direct financial help available to |
| to buy the policy of your choice only lasts until six | | | | people 65 and over who have low income and |
| months after you enroll in Medicare Part B. | | | | few assets other than their homes. Medicaid can |
| * Consider long-term care insurance. A private | | | | pay the full cost not only for medical care but |
| long-term care insurance policy can help pay for | | | | also for long-term home care and nursing home |
| long-term home care or residence in an | | | | residence. Supplemental Security Income can |
| assisted-living facility or nursing home -- things | | | | provide small monthly cash assistance in addition |
| that Medicare doesn't cover. The policies can be | | | | to Social Security benefits. |
| expensive, however, and are something of a | | | | * Get your legal documents in order. Although |
| financial gamble. If you haven't bought long-term | | | | most 65-year-olds still have many years to live, a |
| care insurance but think you might be interested, | | | | sudden illness or accident could make decision |
| now -- when you're in your mid-60s -- is the last | | | | making difficult if not impossible. Getting legal |
| age at which buying a new policy is affordable for | | | | documents in order can make sure your wishes |
| most people. | | | | are followed with regard to healthcare, including |
| * Plan your Social Security benefits claim. Age 66 | | | | end-of-life care, your ongoing finances, and your |
| is now Social Security's "full retirement age" -- | | | | estate. These documents include a will, a power |
| when you can claim your full Social Security | | | | of attorney for finances, and an advance medical |
| retirement benefits without any penalty for | | | | directive (also called a living will). |
| continuing to earn an income. But some people | | | | |