A physician’s career is built on knowledge, experience, and careful decision-making. But as you approach age 65, a different kind of decision is ahead—one that isn’t about patient care but about protecting your own health and finances.

If you plan to continue practicing beyond age 65, you’re not alone. Many physicians continue working because they love what they do, value the relationships they’ve built, or want to maintain a strong income. Others may be preparing for retirement, but whatever your plans, Medicare decisions and enrollment shouldn’t be delayed. Waiting too long or making the wrong choice could lead to costly penalties that last the rest of your life.

In your career, experience is everything, and years of practice and dedication have allowed you to make informed decisions for the care of your patients. However, when it comes to navigating Medicare decisions alone, the barrage of new information can be complex and confusing, leading to potential gaps in coverage—and costly mistakes.

Retirement marks an exciting new chapter, offering opportunities to pursue personal passions or spend more time with family. However, it also brings significant changes to your financial and insurance needs. After years of serving patients and building a career, it’s time to start thinking about how your insurance coverage needs will shift. The benefits you've relied on through your employer might no longer be available once you step away from practice.

With October 15th fast approaching, the Medicare Annual Enrollment Period (AEP) will soon be here, running through December 7th. This period allows physicians and their families to reassess and fine-tune their healthcare coverage. Whether you're considering switching plans, adjusting your Medicare Part D Prescription Drug coverage, or enrolling in Medicare for the first time as you turn 65, now is the time to make decisions that will shape your health and finances for the years ahead.

In life as we get older we gain knowledge and acquire more experience. As physicians, that can yield professional wisdom and provide greater confidence in how you proceed with your patients.

Navigating Medicare can be like solving a complex puzzle, with numerous pieces that must fit together just right. Whether you are already enrolled in Medicare and looking to make coverage changes or exploring your choices for the first time, the process may feel overwhelming. Knowing all your options enables you to make informed decisions, helping you manage your health and finances well into the future.

Many physicians nearing age 65 look forward to retiring. But many who are close to the traditional age of retirement may choose to continue working.

That’s usually because they find fulfillment in their practice of medicine and the relationships they’ve built with their colleagues and patients. And, of course, there’s also the opportunity to continue to earn a good income.

However, if you are approaching 65 and plan to continue working, there are some critical Medicare decisions you must be ready to make. These cannot be put off. Otherwise, you could be hit with costly penalties for the rest of your life.

If you enjoy practicing medicine and value the relationships you've built over the years, you may not be ready to retire as you approach your 65th birthday. Planning to continue working requires a thorough understanding of your Medicare options in order to avoid costly mistakes that could permanently affect your finances. TMA Insurance Trust is here to expertly guide you through this significant decision-making process, ensuring you make informed choices without incurring unnecessary and ongoing penalties.