I plan to work past age 65 and I have health insurance coverage.  What does this mean for my Medicare eligibility?

Becoming eligible for Medicare usually happens around the age of 65.

If you intend to work or have health coverage through a spouse’s employer, here are some options to explore before enrolling in Medicare.

1. You are self-employed or have health insurance that is NOT available to all employees of the company.  Then ask the insurance company if your coverage is employer group health plan coverage as defined by the IRS.  If it is not, signing up for Medicare when you turn 65 will avoid a Part B enrollment penalty.  For group health plan coverage, then:
2. Your employer employees LESS than 20 employees, generally you will need to enroll in Medicare during your Initial Enrollment Period. Check with your employer before making any moves from group to Medicare.
3. If your employer employs MORE than 20 employees, you can choose to delay Medicare enrollment, have both Medicare and employer coverage (Medicare Part A will pay secondary to your job-based insurance), or drop your employer coverage for Medicare.
4. Should you have health coverage through a spouse’s employer, what you do will depend on the employer’s rules. You may be able to delay, or you may need to enroll at age 65.

Before you postpone Medicare enrollment, ensure you have creditable drug coverage. This implies that your employer’s drug coverage is equal to or better than the standard Medicare Part D plan. If your employer’s drug coverage is not creditable, you must sign up for a Part D plan during your Initial Enrollment Period to avoid the late enrollment penalty. Additionally, you will need to have either Part A or Part B to be eligible for a Part D plan. It’s a good idea to meet with a licensed insurance agent before turning 65 to review your employment or retirement situation and to better understand your Medicare enrollment options.  Your agent can also provide information about Medicare plan choices available in your area.

For more information or to schedule a review, contact Lori Good at Frost-Beck Insurance Agency in Archbold or Whitehouse, Ohio.  Call 419-446-2777, email us at frost@frostins.com, or click here to submit your request.