What if I am turning 65 but still employed full time? What do I do in regards to Medicare?
Variables come into play when turning 65 and still employed that have different options for employees eligible for Medicare.
The most common situations are:
- Your employer employs more than 20 people:
- You may continue under the employers group coverage until retirement and/or no longer employed plus you have the option to enroll in Medicare as well. Medicare Part A does not have a cost for most individuals and becomes your secondary insurance. If something is not covered by your employer’s plan it can be submitted to Medicare under Part A as your secondary insurance, and it may be covered.
- Another option is to decline employer coverage and sign up for Medicare part A and B.
- A third option is to continue as is on your employer’s plan.
*Important: You CANNOT contribute to your HSA (Health Savings Account) once you have signed up for Medicare.
- Your employer employs less than 20 people:
- Your employer is permitted to require you to sign up for Medicare Part A and B. At that time Medicare becomes your primary insurance. The employer can choose to allow you to stay on their plan as secondary, or just remove you completely and Medicare is your only coverage.
It’s important to understand how and when to enroll in Original Medicare, understand other choices such as Part C Medicare Advantage or Medicare Supplement insurance and how/when/if you need Part D Prescription Drug coverage (PDP) and potential penalties around not enrolling in a PDP in certain situations.
Ask questions and educate yourself! Schedule an appointment to ensure you have the information you need as you approach your milestone birthday!
