Turning 65

You may want to take some time off to celebrate this milestone birthday.

Turning 65 counts as a Qualified Life Event if you enroll in Medicare. You can make changes to your Dollar Tree coverage up to 45 days after turning 65.

Now that you’re 65, you may want to:

• Enroll in Medicare Part A (hospital insurance) during the three months before or after your birth month. Medicare Part A is free for most people, but you must enroll to have this benefit.
• Wait until you stop working to sign up for Medicare Part B (medical insurance). You may be able to delay enrolling in Medicare Part B while you are actively employed and covered by a Dollar Tree medical plan.

Allsup can provide support and help guide you with questions you may have related to Medicare. You can call and schedule an appointment at 888-271-1173 or visit allsup.help/healthinsurance.

• You have eight months to enroll in Medicare Part B coverage.
• You should enroll in Part B when your active Dollar Tree coverage ends. If you don’t enroll in Part B by the deadline, you may face a lifetime penalty added to your Part B premium and a gap in your coverage.

• You can have both Medicare and Dollar Tree medical coverage. If you choose both, the Dollar Tree plan pays for your services first, and Medicare pays second.
• If you want to delay your Medicare enrollment and keep your Dollar Tree medical plan, you do not need to notify Dollar Tree or the Social Security Administration.
• Keep in mind, if you start receiving Social Security benefits while you’re still working, you may be automatically enrolled in Medicare Part A.

• You can spend your tax-free HSA dollars on eligible expenses when you are enrolled in Medicare.
• You must stop contributing to your HSA once you’re enrolled in any part of Medicare (A, B, C, or D). If you continue to contribute, you may have to pay taxes and penalties.
• Eligibility for Medicare does not affect your ability to make contributions, only enrollment does.
• There is a six-month lookback rule. If you enroll in Medicare after age 65, Medicare Part A coverage can be retroactive for up to six months. This means you may need to stop making HSA contributions up to six months before enrolling.
• Reach out to Optum Bank at 800-791-9361 or optumbank.com if you have questions.

Be sure to review and update your beneficiaries for:

• Life Insurance
• Health Savings Account (HSA)
• 401(k) Plan
• Charles Schwab