If you are approaching age 65 and still working, you may wonder whether you need to enroll in Medicare right away. The answer depends on your employer coverage, your workplace, and your personal situation.
Before making changes, ask your employer’s benefits administrator these questions.
How does my employer coverage work with Medicare?
Ask whether your employer plan pays first or whether Medicare pays first when you become eligible. Employer size and other circumstances can affect how coverage coordinates.
Also ask whether your employer coverage will change when you turn 65.
Can I delay Medicare Part B?
Some people with coverage through current employment can delay Part B and enroll later using a Special Enrollment Period. Others may need to enroll when first eligible to avoid gaps or penalties.
Do not make this decision based only on what a friend or coworker did. Ask how the rules apply to your specific coverage.
Is my prescription coverage creditable?
Ask whether your current prescription drug coverage is considered creditable for Medicare Part D. Keep any notices your employer provides about your drug coverage; they may be useful if you enroll in Medicare drug coverage later.
What happens if I retire or lose coverage?
Find out when your employer coverage ends and what steps you need to take before retiring. You may qualify for a Special Enrollment Period, but deadlines matter.
Remember that COBRA and retiree coverage do not extend the Part B Special Enrollment Period in the same way that coverage through current employment can. www.medicare.gov
Do I contribute to a Health Savings Account?
If you have a Health Savings Account, or HSA, speak with your benefits administrator or tax professional before enrolling in Medicare. Medicare enrollment can affect whether you can continue making HSA contributions.
Planning ahead can make the transition smoother. Our office can help you understand your Medicare options as you prepare for retirement or a change in coverage.