I am turning 65 soon, but am still working full time. What does this mean for my Medicare eligibility?
Many people are continuing to work after the age of 65, and many get confused with their Medicare while doing so. There are some factors of how to handle your Medicare while working and turning 65. Here are some things you should know:
- If you are self-employed or have health insurance that is NOT available to all employees of the company then you need to ask the insurance company if your coverage is an employer group health plan as defined by the IRS. If it is not, then you would want to sign up for Medicare when you turn 65 to avoid a Medicare Part B enrollment penalty later on.
- If your employer employs less than 20 employees you might need to sign up for Medicare when you turn 65. You will need to check with your employer prior to making any moves to Medicare.
- If your employer employs more than 20 employees you can first sign up for Part A. Part A will then pay on a secondary basis to your employer’s group health plan. In this instance, you would then let Social Security know when you no longer have group coverage, at which time you would want to being your Part B plan. This would also be a great time to review your needs with your agent and begin exploring what Medicare Supplement would be the best fit for you.
For more information on Medicare Supplements, Advantage Plans, PDP’s, and more please contact Lori Good at Beck Insurance Agency at 419-446-2777, or by emailing her at firstname.lastname@example.org. You can also submit an online inquiry by clicking here.