If you stop working, not only will you lose your paycheck, but you may also lose valuable health insurance provided by your employer. Although there are exceptions, most people will not be covered by Medicare until they reach age 65.

Your employer should be able to tell you if you will have retiree health benefits or if they will temporarily extend your health insurance coverage after you retire. Also, if you are married and your spouse is employed, you may be able to switch to his or her health insurance.

Most Common Healthcare/Financial Mistake
If you loose your job or retire after the age of 66 you will have 8 months to apply for your Part B coverage. Medicare calls this a Special Enrollment Period because you had "Creditable Coverage" from your former employer. Often seniors will take COBRA after leaving their former employer thinking the coverage is the same as when they were employed. Review your policy carefully - you may find significant differences in copays, deductibles, coinsurance and annual coverage limits.

APPLY FOR YOUR MEDICARE PART B IMMEDIATELY. If you delay past the 8 month enrollment period you will face a late enrollment penalty from Medicare for both Part B Medical and Part D Prescription Drugs. Plus Medicare may make you wait until July 1st for your coverage to go into effect. This could result in several months without medical and/or prescription drug coverage.

If you get sick you will not be covered by Medicare, Social Security or your former employer's coverage.