At age 60 it is time to study benefits

The first approach and the best is to consult an expert, said Deborah DiDominicus, deputy director of the Southern Maine Agency on Aging at Portland. Especially for Medicare, "you need professional advice," she said.

This advice is available free of charge (although donations are accepted) by each agency on aging. The branch of Portland offers no less than six "Welcome to Medicare" seminars each month, at least one after hours of work.

Even with such a generous timetable, each seminar tends to fill, DiDominicus said, because of the large number of people entering their 60s."Baby boomers are exploding," she adds.

Part A covers hospitalization, is automatically available when you turn 65, or sooner if you retire and begin receiving social security payments.

This is the part of health insurance you have pre-paid through deductions from your salary, so it's no penalty and bonus, said Carol Rancourt, Medicare educator for the Agency of aging. Even if you have other coverage, Part A, "waiting in the wings," she adds.

Part B is the one you have to be careful, as it generally requires action on your part.In most cases, you must register at the age of 65.

You have a window of seven months to enroll without penalty: from three months before and three months after your 65th birthday. If you miss this window, you'll pay an extra 10 percent on premiums for the rest of your life, Rancourt said.

Since Part B does come with a monthly premium (the base rate this year is $ 115.40), it pays to find out if you can delay enrollment even if you have retired or reached age 65 .

If you are still working and be assured of qualification you may be able to delay, Rancourt said.It is essential to know whether your coverage is admissible if, and to report such coverage.

"Unless you work with a continuity of coverage, you'll face a heavy penalty for late registration," warns Rancourt. "Contact your HR department and ask what effect the age of 65 on your own or your spouse's insurance."

If you retire before age 65 and begin receiving Social Security, Part B will automatically start with the premium. However, if your spouse's insurance covers work though, you may be able to suspend your Part B (Be sure to check your coverage is acceptable.)

Both Part A and Part B deductibles and copay. This year, Part A has a period $ 1,132 deductible for 60 days, while Part B has a $ 162 annual deductible. To help cover these, the supplementary health insurance is available through private insurers. To be eligible, an MSP must cover the full amounts share; eligible plans are listed at www.maine.gov.

Pension Calculator | Retirement Planning

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