Turning 65? Here Is What Changes on Your Insurance.
Turning 65 triggers Medicare eligibility — and a 7-month enrollment window you do not want to miss. Miss it and you pay a permanent late enrollment penalty. Here is exactly what to do and when.
Medicare: The 7-Month Window
Your Initial Enrollment Period (IEP) is a 7-month window: 3 months before your 65th birthday month, your birthday month, and 3 months after. Enrolling during the first 3 months means your coverage starts on the first day of your birthday month. Waiting until after your birthday month delays your start date and may leave you with a gap.
Medicare Part A
Hospital insurance. Most people get it premium-free if they or their spouse paid Medicare taxes for at least 10 years. Covers inpatient hospital stays, skilled nursing facility care, hospice, and some home health care.
Medicare Part B
Medical insurance. Covers doctor visits, outpatient care, preventive services, and medical equipment. Costs $174.70/month in 2024 (higher for higher incomes). You must actively enroll — it is not automatic.
Medicare Part C (Medicare Advantage)
Private insurance plans that replace Original Medicare (Parts A and B). Often include prescription drug coverage and extras like dental and vision. May have lower premiums but narrower networks.
Medicare Part D
Prescription drug coverage. Sold by private insurers. If you do not enroll when first eligible and do not have other creditable drug coverage, you pay a permanent late enrollment penalty.
Medicare Supplement (Medigap) Coverage
Original Medicare covers about 80% of approved costs. You are responsible for the other 20% — with no out-of-pocket maximum. A Medicare Supplement (Medigap) policy covers some or all of that 20%, depending on the plan. The best time to buy Medigap is during your 6-month Medigap Open Enrollment Period, which starts the month you turn 65 and are enrolled in Part B. During this window, insurers cannot deny you coverage or charge more based on health conditions.
Still Working at 65?
If you are still working and covered by an employer health plan, you may be able to delay Medicare enrollment without penalty — but the rules are specific. Coverage through your own employer (not a spouse's) with 20 or more employees generally qualifies. Retiree coverage, COBRA, and coverage through a spouse's employer do not count as creditable coverage for Medicare delay purposes. Get this wrong and you pay a permanent penalty.
Other Insurance Changes at 65
Life Insurance
Term life policies often expire in your 60s. If your term policy is ending, review whether you still need coverage. If you have dependents or significant debt, a new policy may be warranted — though rates are higher at 65.
Long-Term Care
The average cost of a nursing home in Colorado is over $90,000/year. Long-term care insurance covers home health aides, assisted living, and nursing home care. Premiums are significantly lower at 65 than at 70 or 75. This is the last affordable window for most people.
Auto Insurance
Many carriers offer senior discounts for drivers over 65 with clean records. If you are driving less in retirement, a usage-based policy may save money.
Homeowners Insurance
Some carriers offer senior discounts. If you have paid off your mortgage, you are no longer required to carry homeowners insurance — but you should. The risk of a total loss without coverage is not worth the premium savings.
Turning 65 Insurance Checklist
Common Questions
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Turning 65 Soon? Let Us Walk You Through It.
Medicare decisions made in the wrong order are expensive and sometimes permanent. We help you get it right the first time. Call (719) 591-2036 or get a quote online.