Working Past 65 – You Have Options
Continuing to work past 65 doesn’t necessarily mean you should delay your Medicare enrollment. If you have health insurance with an employer, a Medicare plan could work with your coverage and even provide coverage for services that your employer’s plan doesn’t cover.
Even if you’re still working, you may want to consider enrolling in Medicare Part A. For most people, Part A does not charge a Premium. You’ll want to make sure that your existing coverage won’t change if you enroll in Part A. If you are required to pay a premium for Part A and don’t sign up during your Initial Enrollment Period, your monthly premium may increase by 10%. This could mean you will have a higher premium for twice the amount of time you didn’t sign up for Part A. If you were eligible for Part A for 2 years but didn’t sign up, you’ll have to pay the higher premium for 4 years.
Your options for Medicare Part B enrollment vary depending on the size of your employer. Generally, if your employer has fewer than 20 employees, Medicare will be your primary insurance. So, you may need to enroll in Medicare Part B during your Initial Enrollment Period. But if your employer has 20 or more employees, your employer’s group health plan will be your primary insurer. This means you may have more options, including delaying enrollment or having both your employer coverage and Medicare.
Check with your benefits administrator to see if you should consider signing up for Parts A and B in addition to the coverage you get today.