65 or older and still working?
As the U.S. population ages, life expectancies increase, and more seniors postpone retirement, Medicare eligible Americans need to know the rules around Medicare participation. The rules are unforgiving in complexity. However, it is essential to understand them, to be compliant, and to avoid penalties.
CALL TODAY TO DISCUSS THE RULES
FOR MEDICARE AND WORKING SENIORS
The chart below summarizes the basics to understanding whether you can postpone Medicare. Given the gravity of such a decision, Senior Health & Retirement Solutions suggests you contact us for a more comprehensive review of the rules.
IF:
You (or your spouse)….
– Are still working
– Work for company that has > 20 employees
– Utilize the Group Health Insurance plan from the job, and the plan is considered “Creditable Coverage” by the government
You (or your spouse)….
– Are still working
– Work for company that has < 20 employees
– Utilize the health insurance plan from the job
Medicare will be the secondary (to the Group Health plan) payer for your healthcare services. As such, you do not have to enroll and can wait to sign up for Part B until such time as you (or your spouse) either stop working or lose your health insurance, whichever occurs first.
Medicare will be the primary (to the company plan) payer for your healthcare services. As such, if you do not sign up for Parts A and B, your company plan may not cover the costs of services. Therefore, it is likely that you will need to sign up for Parts A and B. You should speak with your employer and Senior Health & Retirement Solutions.
There are a myriad of other situations, such as for those who receive coverage through COBRA, Medicaid, or the Marketplace. For these and any other questions, please CONTACT US!