It’s becoming more common for Americans to postpone retirement and work past the age of 65, but just because you have coverage through your employer doesn’t mean you or your spouse shouldn’t sign up for Medicare.
Here are a few helpful things to consider before disregarding that ‘Sign up for Medicare’ flyer.
Medicare Part A may offer additional benefits at no cost.
When you enroll in two plans, one through your employer and one through Medicare, you may have additional coverage benefits.
Medicare Part A covers hospital care, skilled nursing facility care, nursing home care, hospice and home health services. If suddenly you require these services, your Medicare plan may provide additional, supplementary coverage above and beyond the coverage offered through your employer.
If you or your spouse has paid Medicare payroll taxes while employed, you will likely be eligible for a premium-free Medicare Part A.
If you are going to continue working after you turn 65 this will delay the starting date for your Social Security benefits. When you are ready, you can apply for Medicare Part A insurance at your local Social Security office.
It might be worthwhile to purchase Medicare Part B to cover health care costs.
Medicare Part B covers your medical services such as lab tests, surgeries and doctor visits. It’s similar to the coverage offered through your employer and therefore, you may deem it unnecessary. But first, consider your options. Medicare Part B may cover additional services that are not covered by the coverage offered through your employer.
If you have two plans, through your employer and Medicare, you will have a primary payer and a secondary payer. The size of your employer will determine who pays first.
When you enroll in two plans, one through your employer and one through Medicare, you may have additional coverage benefits. If your primary coverage doesn’t cover something you require, your secondary health insurance coverage might be able to pay the bill.
If you are working and receiving health coverage, the size of the company you work for will determine whether Medicare or your employer group health coverage pays first.
Determine whether or not you have creditable prescription drug coverage. If not, you’ll need to purchase a Medicare Prescription Drug Plan (Part D) through a private company. To determine whether or not your coverage is credible, visit cms.gov for more information. If you need to purchase Part D, you must do so at the time you learn your prescription drug coverage is not credible or risk paying a fine.
You must already have Part A in order to enroll in Part B.
If you are interested in signing up for Medicare coverage while still working, here’s three ways to do so:
- Apply online at socialsecurity.gov
- Visit your Social Security office
- Call 1-800-772-1213
- Starting to plan for your retirement? Visit our Retirement Starter for the tools and resources to help you get started.