Working past 65 and not taking Medicare, good or bad?

Many people today plan on continuing to work past 65 years old. This is due to people being healthier, living longer looking at Social Security, and waiting to take it for higher monthly payments. It is best to look at all your options: Your company insurance vs Medicare Insurance Plans. Get Online quotes for 2023 at Medicare insurance Plans. Or set a no-obligation phone appointment.

Work for a company with 19 or fewer employees when you turn 65.

In addtion the rule when turning 65 is for companies with 19 or fewer employees Medicare pays first then the company plan is secondary. This means that you want to take both Medicare Part A hospital and Part B doctors and outpatient services.

Work for a company with 20 or more employees when you turn 65.

The rule when turning 65 is for companies with 20 or more employees your company insurance pays first, and Medicare pays second. This means you need to speak with your Human Resources department and ask if you should get Part An and compare your company insurance to Medicare Insurance Plans.

How to compare your company insurance to Medicare Insurance Plans.

• Premiums.
• Deductibles.
• Co-pays.
• Co-insurance.
• Maximum out-of-pocket per year.
• Drug coverage.

When should you apply for Part B and Part D if you have Part A?

• You do not want a lapse in your health insurance. You do want to coordinate your Medicare Insurance coverage to start the first of the month after your company insurance terminates at the end of the previous month.
• Part B: Is issued by the United States Government. Once you know when you will be leaving the company insurance plan you want to apply for Part B. This can take weeks to complete, and you need Part B to apply for a Medicare Supplement Plan or a Part C Advantage Plan.
• Part D: Is issued by independent insurance companies and you need to decide on how you want to purchase your Part D. You can get a stand-alone Part D or you can get an Advantage Plan that includes your Part D. You only have 63 days after your company plan has been terminated. However, it is strongly suggested you coordinate Part D with your companies’ termination of insurance so there is no lapse.

How to apply for Medicare Part A and Part B.

You can sign up for Medicare by calling the Social Security Administration at 800-772-1213 or online at https://www.ssa.gov/medicare/sign-up

Conclusion:

You need to apply for Medicare if you work for a company with 19 or fewer employees. If you work for a company with great than 20 employees you need to speak to your HR department and compare the company‘s health insurance to Medicare Insurance Plans.  It is always best to keep updated for changes to Medicare Insurance Plans. Visit our Medicare Overview Page. Get Online quotes for 2023 at Medicare insurance Plans. Or set a no-obligation phone appointment.