You can also contact /contacts or your State Health Insurance Assistance Program (SHIP) at for more help with questions on Medicare. For assistance on who pays for what when you have employer coverage and Medicare, contact the Medicare Benefits Coordination & Recovery Center (BCRC) at 1-85. Check that out and also talk to your employer's benefits administrator. does a good job of explaining different scenarios for those eligible for Medicare while still employed. These may include COBRA, purchasing individual coverage in the private market, or through a government exchange at To me, your ultimate decision comes down to a cost/benefit analysis.
If you're married and your spouse is covered by your employer plan, you'll have to consider what choices your spouse would have if you switch to Medicare. Check with your employer to see the impact of enrolling in Medicare Advantage. In this case, you most likely won't need a Medigap policy under Original Medicare, since your employer coverage will pick up costs not covered by Medicare. If you work for a small company, you should probably sign up for Parts A, B, and D as soon as you're eligible. In fact, to avoid an IRS penalty, you must stop contributions to an HSA 6 months prior to enrolling in Medicare Part A or claiming Social Security (SS) benefits after age 65. Therefore, if you want to continue to boost pre-tax savings with an HSA, you may want to postpone. If you're happy with your current plan, you may well be better off staying with that and delaying Medicare enrollment until you retire.Īnother thing to be aware of is that once you enroll in Medicare (even if it's just Part A), you're no longer eligible to contribute to a health savings account (HSA). Be sure to look carefully at premiums for Parts B and D (both have high-income premium surcharges) as well as the cost of a Medigap policy that would cover whatever Original Medicare doesn't (you should not purchase Medigap if you choose Medicare Advantage). If you work for a large company, compare your employer coverage and costs with Medicare. Let's take a look at some Medicare basics as well as some of the factors that can help you decide. Alternatively, you can postpone enrolling until you stop working. If you haven't filed for Social Security, you can choose to enroll in just Medicare Part A or both Parts A and B (your Initial Enrollment Period is three months before you turn 65 until three months after your 65 th birthday). However, you have the option to opt out of Part B, which you may want to do if you (or your spouse) are covered by an employer plan. You'll need to familiarize yourself with the pertinent Medicare regulations and deadlines to ensure the most seamless transition-whether that happens at age 65 or later.Īlso realize that once you file for Social Security, you're automatically enrolled in Medicare Parts A and B when you turn 65. So it's an important question-and the answer largely depends on the size of your employer, as well as the cost and coverage of your current plan as compared to Medicare. At the same time, though, adequate health insurance remains essential. This can be seen as a positive since it means we're redefining aging. In fact, according to the Bureau of Labor Statistics, in 2020, 26.6 percent of people aged 65-74 remained in the workforce-and those numbers are projected to continue to grow. This is becoming a common question as more and more people decide to work past age 65. I'm planning to continue to work past age 65, and wondering if I should stick with my employer's health insurance or move over to Medicare.
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