Today, most employers offer four or fewer health plans for their employees to choose from. This makes the need for you and your spouse to select a new plan upon retirement from the hundreds available difficult to navigate.
With the rising costs of health care and the complicated nature of selecting retirement health insurance, you might feel unprepared and ill-equipped for the complex analysis to come. That’s why we are proud to provide one-on-one advice from our team of advisors and access to a wide range of health care plans at no cost to you.
What You Need to Know About Medicare and Your Current Company Size
The way job-based insurance works in conjunction with Medicare varies by company size. If your organization has 20 or more employees, you are not required to sign up for Original Medicare when you turn age 65. However, if you do sign up, the employer coverage remains the primary insurance and Medicare is secondary. Remember, if you do not sign up for Original Medicare at this point, you’ll need to delay, or defer, your Medicare Part B coverage.
If your organization has fewer than 20 employees, you are required to sign up for Original Medicare when you turn 65, even if you plan to continue working. This is because at this point, Medicare is your primary insurance. When you sign up for Medicare Parts A and B, you need to also confirm that your prescription drug coverage through your employer is creditable. If it’s not, you will also need to enroll in a Medicare prescription drug plan. You may also choose to sign up for a Medicare Advantage or Supplement plan, depending on the coverage you would like to have. Because of the complicated nature of employer coverage and Medicare, we encourage you to schedule a call with one of our advisors to get answers about your specific situation, so you understand what actions you need to take and when.
Working Past Age 65? Here’s What You Need to Know
If you are over the age of 65 and still working, you do not need to do anything until you retire. After you or your spouse decide to retire, you’ll be able to enroll in Medicare during a special enrollment period without incurring a late enrollment penalty.
If you have questions about your unique situation, you can schedule a call with one of our advisors today! They have the knowledge and experience you’ll need to receive Medicare peace of mind. We’ve got you covered.