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Retirement can be an exciting time for many people. Along with retirement comes figuring out what health coverage path to ultimately take. Some people may still be working past retirement age, and that is where enrolling in health coverage can get confusing. Many individuals struggle with the question, “Do you have to sign up for Medicare at age 65 if you are still working?” There are many options out there, so you want to be sure you are choosing the best one for you. Be mindful of the potential penalties that could come with failing to enroll in Medicare when you turn 65.
If you are employed after you turn 65 and your employer provides you with insurance coverage, then you have the option to delay enrolling in Medicare Part B (outpatient care, medical insurance). An issue with delaying this enrollment in Part B is that you could wind up paying a penalty when you actually enroll. For every year you fail to enroll, you will pay a premium that is 10% more than it would have cost originally.
However, there is a way around this penalty. While you are still working, your health care coverage from your employer will be adequate alongside Medicare part A (hospital, inpatient care). After you retire, you have eight months to enroll in part B while not worrying about accrued penalties. Once you leave your full-time job, though, the healthcare benefits from your employer will no longer apply. Learn more about the Medicare Part B Penalty for Late Enrollment here.
In addition, there are penalties for late enrollment of Part D as well. If you want to learn more about how to avoid the Part D penalty, we’ve got you covered! But please feel free to call us anytime, for free, at (888) 352-6672 as well and we will be happy to make sure everything is clear on all of these penalties.
The main health coverage options when you are near retirement age, or have entered retirement, are a group healthcare plan and Medicare.
One of these options is having group coverage through your employer if you are still working. Group coverage plans are the HMO or PPO plans provided by your current employer. These types of plans may not give you every benefit that you need.
The Medicare option is geared to anyone turning 65 years old. The Initial Enrollment Period for Original Medicare (Parts A and B) opens one month before you turn 65 and ends one month after you turn 65. Whenever that opens for you, talk with your employer about how their benefits work with Medicare.
In addition to Original Medicare, you may find that supplemental coverage is necessary to cover prescription drugs, dental, vision, reduce co-insurance costs, and more. This is where Medicare Advantage and Medicare Supplements are a factor.
Now that you have the answer to the question, “Do you have to sign up for Medicare at 65 if you are still working?” What’s next? Medicare-eligible employees can utilize an individual cost-benefit analysis that matches up specific requirements with employer-sponsored healthcare, COBRA, and Medicare coverage options.
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We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.