When you reach the age of 65, it is time to start thinking about your Medicare options. If you are still working, you may be wondering if you need to sign up for Medicare. In this blog post, we will discuss the different options available to you when working past the age of 65. We will also provide helpful information on how to choose the right plan for your needs.
Do I Have to Get Medicare If I Have Insurance Through Employment?
If you are still Working Past Age 65, you may be wondering if you need to sign up for Medicare. The answer to this question depends on a few factors. For instance whether or not your employer offers health insurance coverage. If your employer does offer health insurance coverage. Can delay signing up for Medicare Part B without having to pay a penalty. However, you will need to sign up for Medicare Part A when you turn 65. This will be to avoid paying a late enrollment penalty.
- If an employer has 20 or more employees, generally you can choose to delay Medicare enrollment, drop your employer coverage for Medicare, or have both Medicare and employer coverage.
- If an employer has fewer than 20 employees, generally you will need to enroll in Medicare during your Initial Enrollment Period.
- If you have health coverage through a spouse’s employer, what you can do will depend on the employer’s rules. You may be able to delay or you may need to enroll at age 65.
Delaying Medicare When Working Past 65
If you qualify to delay both Medicare Parts A & B, you can do so without penalty. As long as you enroll within eight months of either losing your (or your spouse’s) employer coverage. . You will enroll during a Special Enrollment Period and will need to also provide written proof of creditable drug coverage to avoid Part D penalties.
Enrolling in Only Part A
Medicare Part A is usually premium-free for most people, so you could opt to enroll in only Part A while still working. However, if you have a health savings account (HSA), be aware that once you enroll in any part of Medicare you cannot continue to make contributions to your HSA.
Having Creditable Coverage?
Before you officially delay Medicare, make sure you have creditable drug coverage. This means your employer’s drug coverage is at least as good as the standard Medicare Part D plan coverage. If your employer’s drug coverage isn’t credible, you will need to enroll in a Part D plan during your Initial Enrollment Period to avoid the penalty which is issued if you do not take Part D when it is first eligible to you. You may also need to get either Part A or Part B to get a Part D plan.
Will We Have to Notify Anyone If Delaying Medicare?
You don’t need to provide notice that you’d like to delay enrolling unless you’re receiving Social Security or Railroad Retirement Board benefits. If you are receiving either, you’ll be automatically enrolled in Medicare Parts A & B when you turn 65, and you’ll need to let Social Security know you wish to delay Part B. By law though, if you receive Social Security benefits and are eligible for Medicare, you must also have Medicare Part A.
Can I Take Medicare and Keep Employers Insurance?
You can have both Medicare and employer insurance, but it’s important to know that in most cases, your employer insurance will pay second to Medicare. There are a few circumstances where this might not be the case though. If you’re Working Past Age 65 or older and have coverage through an employer with fewer than 20 employees, then your employer coverage pays first. If you’re under 65 and disabled, your employer coverage pays first for 29 months. After that, Medicare pays first.
There are a few other circumstances where your employer insurance might pay first as well, so it’s always best to check with both your human resources department and Medicare to make sure you have the correct information about how bills are paid.
To sum it up. You can keep working, you can accept Medicare or you can look at some other options. I find if the premium you are paying with your employer has a very high premium and deductible we can help you save some money. If you are only paying less than $200 a month in premium then stay put.
