I still work full time, but am now eligible for Medicare – what should I do?
Many more people are working later into – and past the age of Medicare eligibility. There are many variables that come into play when turning age 65, and different options for employees. Here are the two most common, basic situations when you still work but become eligible for Medicare:
- Your employer employs more than 20 people.
As an employee who is turning 65, you have the option to continue with the employer’s group health plan until you retire. You also have the option of signing up for Medicare coverage. Most individuals in this situation go ahead and sign up for Medicare Part A. Medicare Part A is a zero premium option, and Part A then becomes secondary coverage to the group plan through your employer. Occasionally, an item not covered by the group plan can then be picked up by your Medicare Part A plan.
Others choose to decline the employer coverage and sign up for both Medicare Part A, and Medicare Part B….while some simply stay on the current group plan and make no other changes until retirement.
One very important note is that once you sign up for Medicare, you can no longer contribute to you Health Savings Account (HSA). This is something to consider when thinking about remaining on the group plan but signing up for Part A.
2. Your employers employs less than 20 people.
Businesses who employ less than 20 people are legally allowed to require employees to sign up for both Medicare Parts A and B once eligible. At that time, Medicare would then become your primary insurance. The employer can choose to allow you to remain on the group plan as secondary coverage, however they do not have to and can remove you entirely. In this event, it is highly recommended that you sign up for not only Medicare Parts A and B, but also a Medicare Supplement and Prescription Drug Plan to avoid any penalties. (Or a Medicare Advantage Plan).
THE GOOD NEWS IS…..you don’t need to remember all of this! For more information on your options, pricing, and how to navigate all of this please click, call 419-446-2777, or email us at help@beckinsurance.com for any questions or to schedule an appointment.
See you next week, on Medicare Monday with Lori Good. Medicare Specialist, Beck Insurance Agency.
