If you or your spouse are still working past your 65th birthday, there are some things you may need to know. I get asked this question a lot, so I thought I would talk about this month.
You do not need to sign up for Medicare when you turn 65 if you have employee-based insurance through you or your spouse’s current job. You can wait to sign up when you stop working or you lose your health insurance (whichever comes first).
Be aware if your employer has less than 20 employees or you have COBRA, you will need to enroll in Medicare at 65 to avoid any penalties.
If you are still working and have employee insurance, you can enroll in Medicare part A. Medicare pays secondary to other insurances, including paying the deductible. There are some restrictions – the charge has to be Medicare-covered services and the total amount paid must be equal to or less than the Medicareapproved amount.
There’s little downside to enrolling in Part A. It covers hospital stays and skilled nursing care once you’ve paid the deductible ($1,632 in 2024), and it’s premium-free to anyone who worked for at least 40 quarters in Medicare-covered employment.
Everyone’s situation is unique. Things like the cost of your current health plan, your plan’s deductible, your prescription coverage, doctor networks, and other considerations should all be considered when making the decision when it is best for you to enroll.
As always, please call me to make an appointment if you are about to enter the Medicare world or have questions about your situation. I would love to be your guide.
Please call Lynne Jones, licensed sales representative, at (480) 212-2246 or email me at jonesdvp@yahoo.com.