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What You Need to Know About Medicare Before Turning 65
May 28, 2026
by Partner Colorado Credit Union
Turning 65 is an important milestone, especially when it comes to healthcare coverage. Medicare can help reduce medical costs during retirement, but understanding how it works before your 65th birthday arrives can help you avoid penalties, gaps in coverage and unnecessary stress. Here’s what you need to know about Medicare and how to prepare.
Medicare is divided into different parts, each covering different healthcare needs. Here are the different parts of Medicare.
Medicare Part A
Part A helps cover hospital-related expenses, including inpatient hospital stays, skilled nursing facilities, hospice care and some home healthcare services. Part A is usually premium-free for most people, if Medicare taxes were paid while working.
Medicare Part B
Part B helps cover outpatient care, doctor visits, many preventive services like screenings and vaccines, medical supplies like wheelchairs and walkers and other healthcare needs. Unlike Part A, Part B usually requires a monthly premium, which can change each year.
Medicare Part C or Medicare Advantage
Part C, also called Medicare Advantage, is offered through private insurance companies approved by Medicare. These plans often bundle Part A, Part B and sometimes Part D for prescription drug coverage into one plan. Most Part C plans offer extra benefits like vision, hearing and dental, which Part A and Part B plans usually don’t cover on their own. Cost varies by plan.
Medicare Part D
Part D helps cover prescription drug costs. These plans are also provided through private insurance companies and vary in cost and coverage.
For more detailed descriptions of the parts of Medicare, please visit Medicare.gov.
Missing your enrollment period could result in late penalties or delayed coverage. Even if you’re still working, it’s important to review your options carefully. In some cases, employer health insurance may allow you to delay certain parts of Medicare without penalty.
You can visit Medicare.gov to find out when you can sign up for Medicare.
For some people, enrolling in Medicare Part A while keeping employer coverage makes sense because Part A is often premium-free. Others may choose to delay Part B to avoid paying additional monthly premiums while they remain covered through work.
Reviewing your existing health insurance benefits before turning 65 can help you determine the most cost-effective option.
Because of these gaps, many retirees purchase supplemental insurance, often called Medigap, or choose a Medicare Advantage plan (Part C) with additional benefits.
Planning ahead for healthcare expenses during retirement is an important part of long-term financial wellness.
Consider the following factors when comparing Medicare plans.
• Cost of monthly premiums
• Amounts of deductibles and copays
• Prescription drug coverage
• Approved doctor and hospital networks
• Additional benefits like dental, hearing or vision coverage
Understanding Medicare early can help you make informed decisions, avoid penalties and feel more confident about your future healthcare coverage. If you need help making choices about Medicare, Partner Colorado offers personalized Medicare Guidance Services.* Our licensed insurance agent is here to walk you through Medicare options with confidence and care. Our consultation guidance is free, and there is never a requirement to enroll in any specific plan. You can call 303.431.3484 or schedule an appointment.
*This is an advertisement for an insurance product. Insurance products are not NCUA/NCUSIF or otherwise federally insured and are not guarantees or obligations of the credit union. Effective February 12, 2026, Partner Colorado Credit Union will have a licensed insurance agent on staff to provide assistance with Medicare products. The credit union is collaborating with The Centers for Medicare & Medicaid Services to make insurance products and services available to credit union members. All credit union products and services are subject to change without notice. Member Eligibility Required. Not connected with or endorsed by the U.S. government or the federal Medicare program. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all your options. Services only available in Colorado. By emailing us or calling us at 303.422.6221, you are giving permission to have a licensed insurance agent contact you by email, telephone or cell phone to provide information and to answer your Medicare plan options. Your consent is voluntary and allows us to contact you via email, text messaging, artificial or prerecorded voice messages, or automatic dialing for marketing purposes. You may contact us to change your preferences at any time. Data use charges and rates from your cellular carrier may apply.
What Is Medicare?
Medicare is a federal health insurance program primarily for people age 65 and older. Some younger individuals with certain disabilities, individuals with End-Stage Renal Disease (ESRD) or individuals with certain medical conditions, like ALS (also called Lou Gehrig’s disease), may also qualify.Medicare is divided into different parts, each covering different healthcare needs. Here are the different parts of Medicare.
Medicare Part A
Part A helps cover hospital-related expenses, including inpatient hospital stays, skilled nursing facilities, hospice care and some home healthcare services. Part A is usually premium-free for most people, if Medicare taxes were paid while working.
Medicare Part B
Part B helps cover outpatient care, doctor visits, many preventive services like screenings and vaccines, medical supplies like wheelchairs and walkers and other healthcare needs. Unlike Part A, Part B usually requires a monthly premium, which can change each year.
Medicare Part C or Medicare Advantage
Part C, also called Medicare Advantage, is offered through private insurance companies approved by Medicare. These plans often bundle Part A, Part B and sometimes Part D for prescription drug coverage into one plan. Most Part C plans offer extra benefits like vision, hearing and dental, which Part A and Part B plans usually don’t cover on their own. Cost varies by plan.
Medicare Part D
Part D helps cover prescription drug costs. These plans are also provided through private insurance companies and vary in cost and coverage.
For more detailed descriptions of the parts of Medicare, please visit Medicare.gov.
When Should You Enroll in Medicare?
One of the most important things to know about Medicare enrollment is that it’s time-sensitive. Your Initial Enrollment Period lasts for seven months. It begins three months before you turn 65, includes your birthday month and then continues for three months after you turn 65.Missing your enrollment period could result in late penalties or delayed coverage. Even if you’re still working, it’s important to review your options carefully. In some cases, employer health insurance may allow you to delay certain parts of Medicare without penalty.
You can visit Medicare.gov to find out when you can sign up for Medicare.
Do You Need Medicare if You Still Work?
If you’re still employed at 65 and have health insurance through your employer, you may not need to enroll in every part of Medicare right away. However, the decision depends on the size of your employer and the type of coverage you currently have.For some people, enrolling in Medicare Part A while keeping employer coverage makes sense because Part A is often premium-free. Others may choose to delay Part B to avoid paying additional monthly premiums while they remain covered through work.
Reviewing your existing health insurance benefits before turning 65 can help you determine the most cost-effective option.
Medicare Doesn’t Cover Everything
Many people are surprised to learn Medicare does not pay for all healthcare expenses. Original Medicare, which includes Part A and Part B, generally does not include routine dental care, vision exams, hearing aids or long-term care services.Because of these gaps, many retirees purchase supplemental insurance, often called Medigap, or choose a Medicare Advantage plan (Part C) with additional benefits.
Planning ahead for healthcare expenses during retirement is an important part of long-term financial wellness.
Compare Plans Carefully
Medicare plans can vary significantly depending on where you live, your prescriptions, your doctors and your healthcare needs. Comparing plans before enrolling can help you avoid unexpected costs later.Consider the following factors when comparing Medicare plans.
• Cost of monthly premiums
• Amounts of deductibles and copays
• Prescription drug coverage
• Approved doctor and hospital networks
• Additional benefits like dental, hearing or vision coverage
Understanding Medicare early can help you make informed decisions, avoid penalties and feel more confident about your future healthcare coverage. If you need help making choices about Medicare, Partner Colorado offers personalized Medicare Guidance Services.* Our licensed insurance agent is here to walk you through Medicare options with confidence and care. Our consultation guidance is free, and there is never a requirement to enroll in any specific plan. You can call 303.431.3484 or schedule an appointment.
*This is an advertisement for an insurance product. Insurance products are not NCUA/NCUSIF or otherwise federally insured and are not guarantees or obligations of the credit union. Effective February 12, 2026, Partner Colorado Credit Union will have a licensed insurance agent on staff to provide assistance with Medicare products. The credit union is collaborating with The Centers for Medicare & Medicaid Services to make insurance products and services available to credit union members. All credit union products and services are subject to change without notice. Member Eligibility Required. Not connected with or endorsed by the U.S. government or the federal Medicare program. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all your options. Services only available in Colorado. By emailing us or calling us at 303.422.6221, you are giving permission to have a licensed insurance agent contact you by email, telephone or cell phone to provide information and to answer your Medicare plan options. Your consent is voluntary and allows us to contact you via email, text messaging, artificial or prerecorded voice messages, or automatic dialing for marketing purposes. You may contact us to change your preferences at any time. Data use charges and rates from your cellular carrier may apply.