These days, whether due to the state of the economy or simply out of a desire to stay active, many people over age 65 have yet to retire. If you’re still covered by an employer’s group health insurance package, you might wonder if you’re even required to enroll in Medicare. That’s a good question!
The answer is: It depends partially upon the size of the employer, and upon your own preferences.
If your company employs fewer than twenty workers, you are required to enroll in Medicare even if they offer a healthcare plan. If you keep your employer’s plan, it will serve as secondary insurance while Medicare Parts A and B (or an Advantage plan) serve as your primary insurance policy.
If you fail to enroll when required, your health insurance policy might not pay for medical care that you receive, or it might pay less than you expected. And when you do enroll in Medicare at a later date, you will be charged a higher premium for life.
If your company employs more than twenty workers, you do not have to enroll in Medicare at this time. You can delay your enrollment if you feel that your current healthcare plan suits your needs, and you won’t be charged a penalty when you do enroll. Just make sure that you enroll in Medicare as soon as you leave your job, or you’re otherwise not covered by their healthcare plan anymore.
But you might choose to enroll in Medicare anyway! Medicare Part A is free to most people, and it will provide valuable secondary coverage in the event that you need hospitalization. This might be particularly important to you if you tend to incur a lot of out-of-pocket expenses.
As your 65th birthday approaches, remember to give us a call, to speak with a licensed agent.
We can help you learn what you will be required to do, with regard to Medicare enrollment, and guide you toward the decision that works best for your situation.