Can I retire at 64 and get Medicare?

According to the Social Security Administration, Medicare eligibility for most Americans begins at age 65. This means if you retire at 64, you will have a one-year gap in coverage that you need to fill before you can get Medicare.

Quick Summary

Most individuals are not eligible for Medicare until age 65, creating a coverage gap for those who retire at 64. Early retirees must secure alternative health insurance, such as COBRA, an ACA Marketplace plan, or retiree coverage, until they meet the Medicare age requirement.

Key Points

• Medicare Starts at 65: Most people are not eligible for Medicare until they turn 65, meaning a one-year coverage gap exists for those retiring at 64.

• Bridge the Gap with Insurance: Early retirees must secure alternative health insurance, such as COBRA, an ACA Marketplace plan, or retiree coverage, until they become Medicare-eligible.

• Consider Costly COBRA: COBRA allows you to continue your employer's plan but is often very expensive since you pay the full premium.

• Explore the ACA Marketplace: Health insurance purchased through the ACA Marketplace may offer subsidies based on your income, potentially making it a more affordable option.

• Mind Your Enrollment Period: Failing to enroll in Medicare during your Initial Enrollment Period at age 65 without having qualifying creditable coverage can result in lifetime late enrollment penalties.

• Special Enrollment Periods Exist: If you have qualifying coverage through an employer or spouse, you may be eligible for a Special Enrollment Period to enroll in Medicare without penalty later.

Medicare Eligibility at Age 64

For most individuals, Medicare eligibility starts at age 65, meaning retiring at 64 creates a one-year gap in coverage. To qualify for premium-free Part A, you typically need to be a U.S. citizen or permanent legal resident for at least five continuous years and have worked and paid Medicare taxes for 40 quarters (10 years). Your Initial Enrollment Period (IEP) for Medicare begins three months before your 65th birthday, includes your birth month, and ends three months after.

Exceptions to the age 65 rule are based on specific medical conditions, not early retirement. These include End-Stage Renal Disease (ESRD), Amyotrophic Lateral Sclerosis (ALS), or receiving Social Security Disability Insurance (SSDI) benefits for 24 months.

Bridging the Coverage Gap Until Age 65

If you retire at 64 and aren't eligible for an exception, you'll need alternative health coverage until age 65. Options include COBRA, ACA Marketplace plans, retiree health coverage, or a spouse's employer plan.

COBRA

COBRA allows temporary continuation of your employer's health plan, usually up to 18 months. While it provides seamless coverage, you pay the full premium, making it costly.

Affordable Care Act (ACA) Marketplace Plans

ACA Marketplace plans offer individual insurance with potential subsidies based on income. While potentially affordable, the coverage and networks may differ from your previous plan.

Retiree Health Coverage

Some employers offer retiree health benefits until you're Medicare-eligible. This can be cost-effective, but availability varies.

Spouse's Employer Plan

Joining a working spouse's plan can be an option. It can be affordable but may increase the premium, and employer restrictions might apply.

Comparing Bridge Coverage Options

Feature	COBRA	ACA Marketplace	Retiree Plan	Spouse's Plan
Cost	Often the most expensive.	Potentially low-cost due to subsidies.	Varies widely; can be affordable.	Can be affordable, may increase premiums.
Coverage	Continues previous employer's coverage.	New plan and network.	Dependent on former employer.	Dependent on spouse's employer plan.
Availability	Available to most losing job-based coverage.	Widely available during Open Enrollment or with a qualifying event.	Varies by employer.	Requires spouse to have eligible employer plan.
Primary Benefit	Keeps existing doctors and network.	Potential for lower premiums and subsidies.	Continuity and possible cost savings.	Convenience and familiar coverage.

Planning for Your Medicare Enrollment at 65

When you turn 65, enroll in Medicare during your Initial Enrollment Period (IEP) to avoid penalties. This seven-month window starts three months before your birth month and ends three months after. Missing this window without creditable coverage can result in permanent late enrollment penalties for Part B. Creditable coverage from a spouse's or former employer's plan might allow for a Special Enrollment Period (SEP) after that coverage ends.

Conclusion

Retiring at 64 means a one-year gap before Medicare eligibility at 65, unless you have a qualifying condition. Options like COBRA, ACA Marketplace plans, and retiree coverage can bridge this gap. Planning for your Medicare enrollment at 65 is crucial to avoid late penalties. For detailed information, visit the official Medicare website.

Frequently Asked Questions

Can I get Medicare coverage at age 64 if I retire?

No, retiring at age 64 does not make you eligible for Medicare. For most people, Medicare eligibility begins at age 65.

What is the age requirement for Medicare?

The standard age requirement for Medicare is 65. Your Initial Enrollment Period (IEP) starts three months before your 65th birthday, includes your birth month, and ends three months after.

Are there any exceptions to the age 65 rule for Medicare?

Yes, exceptions are made for individuals with certain qualifying disabilities, End-Stage Renal Disease (ESRD), or Amyotrophic Lateral Sclerosis (ALS).

What happens if I miss my Medicare enrollment period?

If you miss your Initial Enrollment Period when you turn 65 and don't have other qualifying creditable coverage, you may face lifelong late enrollment penalties for Medicare Part B.

What are my health insurance options if I retire at 64?

You can use options like COBRA, purchase an Affordable Care Act (ACA) Marketplace plan, or, if available, enroll in your former employer's retiree health coverage or your spouse's employer plan.

Can I enroll in my spouse's Medicare at age 64?

No, you cannot enroll in Medicare based on your spouse's eligibility until you turn 65, unless you meet an early eligibility requirement yourself, such as having a qualifying disability.

Can I get a late enrollment penalty even with bridge coverage?

You can avoid a late enrollment penalty if your bridge coverage is considered 'creditable coverage.' Options like COBRA or employer-sponsored retiree plans generally qualify, but you must enroll in Medicare within eight months of losing that coverage.