If you’re planning on working past 65, you may be wondering whether you should stay with your employer’s health plan or enroll in Medicare. The answer depends on the size of your employer, as well as the cost and coverage of their health plan.
Medicare Alert
Most people benefit by enrolling in Medicare Part A (hospitalization) at age 65, whether or not, they plan to continue working. You pay no premiums, and enrolling as soon as you’re eligible will help you avoid gaps in coverage later. En
rolling in Medicare Part B (doctors) depends on the size of your employer. If you work for a company of less than 20 employees you must sign up for Medicare.
Medicare will be your primary health coverage and your employer’s plan becomes secondary. If this is the case, to avoid penalties later it is usually best to sign up for Parts A, B and D(prescriptions) at age 65. If you work for a large company, you don’t have the requirement to sign up for Medicare until you stop working.
You should compare your current coverage and costs with Medicare however it is easier at your retirement to access Medicare benefits if you have at least Part A at 65.
If your spouse is covered by your employer and is younger than 65 you will have to consider what choices your spouse would have. If you are covered by your spouse’s company, you should compare the costs and coverages between the employer plan and Medicare.
In 2024 Part B premiums are $174.70/ month and Part D premiums range from 0- $30/month. Original Medicare doesn’t cover all health insurance costs. You will need additional health insurance to supplement Medicare. When you have questions on your options please contact me: Corrin Campbell at 303-875-2944 or corrin@ ccampbellassociates.com