Turning 65 and Still Working

If you will be turning 65 and still working, you have several important decisions to make, such as:

• Should you enroll in Medicare Part A (80% Hospital Insurance) and Medicare Part B (80% Medical Insurance), add a stand-alone Medicare Part D (Prescription Drug) Plan, and add a Medicare Supplement Insurance (Medigap) policy, for example, a Medigap Plan G or Plan N?
• Should you enroll in Medicare Part A (80% Hospital Insurance), Part B (80% Medical Insurance), and Part C (a Medicare Advantage Plan), like an “all-in-one” Plan? Plans are offered by companies like Humana, Aetna, Anthem, and more.
• You may also want to consider delaying your Medicare enrollment because you have health insurance offered through an employer (based on your or a spouse’s current employment), which is mainly what this article will cover.

By understanding your choices, you can avoid paying more than you need to and get coverage that meets your needs.

Are you turning 65 and still working?

I would advise asking your employer’s benefits administrator to determine how your coverage works with Medicare, as you may not need to sign up. Medicare Part A is a $0 premium per month (in most cases), and for Medicare Part B, the standard premium amount most people will pay in 2024 is $174.70 per month. Depending on your income, you may pay more or less than this amount, which fluctuates yearly. The Part B premium is paid to Medicare via Social Security deduction or direct bill.

If you’re 65 or older and covered by a group health plan because you or your spouse are still working and entitled to Medicare, the employer insurance pays first, and Medicare pays second. If your employer has less than 20 employees, Medicare would pay first and the group plan second.

If you’re turning 65 and still working, or your spouse will continue working, and your employer has over 20 employees, you can accept or reject the coverage under the group plan. If you choose to keep the employer group plan, you can delay your Medicare Parts A & B enrollment without penalties.

For companies with fewer than 20 employees, you will need to enroll in Medicare Parts A and B, as Medicare will be the primary payer. It’s good to compare the employer/group coverage options you may have available with going on the individual market and enrolling in Medicare and supplemental coverage.

** Employers with 20 or more employees must offer current employees 65 and older the same health benefits under the same conditions they offer employees under 65. If the employer offers coverage to spouses, it must provide the same coverage to spouses 65 and older that it allows for spouses under 65.

Special Enrollment Period

If you didn’t sign up for Medicare Part A and Part B when you were first eligible because you’re covered under a group health plan based on current employment (your own, a spouse’s, or a family member’s (if you have a disability)), you could sign up for Part A and Part B:

•  Anytime you’re still covered by the group health plan

•  During the 8-month period that begins the month after the employment ends or the coverage ends, whichever happens first

** You don’t pay a late enrollment penalty if you sign up during a Special Enrollment Period.

Suppose you aren’t happy with your current employer’s health insurance. You can accept or reject the coverage… enroll in Medicare Part A, Part B, a Medigap or Medicare Advantage “Part C” Plan, and a Part D Rx Plan.

How Chad can help you

If you’re turning 65 or are over 65 and still working and would like to compare your employer/group health coverage with going on Medicare and buying individual supplemental insurance, I can help.

The best thing to do is schedule a brief phone appointment with me so I can address your questions and give you prices and coverage information. Please click the link below to schedule a call; it’s fast and easy!

Schedule a call with Chad

I look forward to speaking with you soon.

Thank you,

Chad Cason

Office- (404) 996-0045 (call or text!)

Office- (888) 901-4870

Owner/Licensed Agent

Turning 65 and Still Working