About Sign Up for Medicare. If you are turning 65 in 2022, you may be wondering whether or not to sign up for Medicare. The answer to this question depends on a variety of factors, including your income and health insurance coverage. In this blog post, we will discuss the benefits of Medicare. As well as help you decide whether or not it is the right choice for you.

The number of Americans 65 and older who said they were employed or looking for employment has increased from 10% in 1985 to 20% as of February 2019. 2022 was off the charts when many were forced into retirement with Covid 19. That number is expected to continue to rise according to the data from the Current Population Survey, a report by the U.S. Bureau of Labor Statistics. The Bureau estimates that by 2024, more than 13 million Americans 65 and older will be working. That is a scary thought with the economy currently going in the wrong direction

 If you choose to work past 65, not enrolling in Medicare during the right enrollment period could cost you in the form of Medicare premium penalties. So it’s important to approach the decision to delay enrolling with your eyes wide open.

Ask Yourself a Few Questions Before you Delay Medicare

The first question you should ask yourself is whether or not you have other health insurance coverage. If you do, then you may not need to enroll in Medicare right away. For example, if you are still working and have health insurance through your employer, you can delay enrolling in Medicare without penalty. However, there are a few things to keep in mind if you decide to go this route.

First, make sure that your employer’s health insurance plan meets the requirements of the Affordable Care Act. If it does not, then you may be subject to a tax penalty. Second, check with your employer to see if they offer any type of retiree health insurance coverage. If they do, you will need to sign up for Medicare within eight months of leaving your job to avoid a premium penalty.

If you are not working you will need to sign up for Medicare during your initial enrollment period. This is the seven month period that begins three months before you turn 65, and ends three months after you turn 65. If you did not sign up for Medicare during your initial enrollment period, you may have to pay a premium penalty if you decide to enroll later.

A few Bullet points to consider:

  • Is my health insurance through my employer affordable?
  • Does it meet Medicare’s minimum standards?
  • Does Your Employer have 20 or more employees?
  • Would your Spouse have coverage if you retire?
  • Do you have children on your policy?

Don’t worry if you answered yes to any of the above questions you will qualify for a SEP ( Special Enrollment Period) when you do decide to discontinue your employer plan.

I Will Be Working Past 65 and Covered by my Spouse’s Employer’s Health Insurance

If you are working and covered by your spouse, you can delay enrolling in Medicare without having to pay a premium penalty. However, there are a few things to keep in mind if you decide to go this route. First, you should check with your spouse’s employer to see if they offer any type of retiree health insurance coverage. If they do, you will need to sign up for Medicare within eight months of your spouse leaving their job to avoid a premium penalty.

You may also want to consider signing up for Medicare Part A (hospital), even if you are covered by your spouse employer’s health insurance. This is because Medicare Part A covers things that most employer health insurance plans do not, such as skilled nursing facility care and hospice care.

Consider Signing Up for Medicare at 65

Even if you have other health insurance, you may want to Sign Up for Medicare at 65. Medicare Part B (medical insurance) covers things that most other health insurance plans do not, such as doctor’s visits, preventive services, and durable medical equipment.

If you decide to sign up for Medicare Part B, you will need to pay a monthly premium. The standard Part B premium is $170.10 per month in 2022. However, your premium may be higher if you have a high income.

You can sign up for Medicare Part B during your initial enrollment period or a special enrollment period.

Can Social Security Benefits Affect Medicare Enrollment?

If you are receiving Social Security benefits when you turn 65, you will be automatically enrolled in Medicare Part A. However, you will need to actively enroll in Medicare Part B if you want coverage. You can do this during your initial enrollment period or a special enrollment period.

If you are not receiving Social Security benefits when you turn 65, you will need to actively enroll in Medicare. You can do this during your initial enrollment period or a special enrollment period.

If you have any questions about signing up for Medicare when you turn 65, give me a call. A few questions and we can give you the best advice for your current situation.