As you approach 65, one question may come to mind: Can I Take Medicare While Still Working? This is not an uncommon challenge for people who are eligible for Medicare but have not yet retired. The good news is that you can enrol in Medicare even if you’re still working. Nevertheless, knowledge of how Medicare and your employee health insurance work is crucial to wish your unique health coverage. In this webinar, we’ll explore your options, what not to forget, and how to navigate the selection process.
Who Is Eligible For Medicare?
Medicare eligibility begins at about age sixty-five, making it available to most seniors in the United States. However, it is no longer just for those over sixty-five; Young people may also be eligible if they have a specific disability or medical condition, such as end-stage renal disease (ESRD) or amyotrophic lateral sclerosis (ALS). you understand that you have a lot of options when it comes to health insurance. You can choose to enrol in Medicare, continue your practice coverage, or even a combination of each to maximize your benefits based on your specific needs.
Your Health Insurance Options
If you have health insurance through your employer, you might wonder if you need Medicare at all. Here’s a breakdown of your options:
- Stay with Your Employer’s Plan: If your employer has 20 or more employees, your employer’s insurance will generally be the primary payer, with Medicare as secondary. In this case, you may decide to delay Medicare Part B (which covers outpatient services) to avoid paying the additional premium.
- Enrol in Medicare and Keep Employer Insurance: You can enrol in Medicare Part A, which is usually premium-free, and keep your employer’s insurance. Many people choose this route because Medicare Part A can help cover some costs if you’re hospitalized.
- Drop Employer Insurance and Use Medicare: If your employer’s plan is costly or doesn’t meet your needs, you may consider dropping it entirely and relying solely on Medicare. However, this decision should be made carefully, considering the coverage gaps and costs.
What About Part D And Medigap?
Part D covers prescription drugs, and Medigap is supplemental insurance that helps cover out-of-pocket costs not paid by Original Medicare. If you have comprehensive drug coverage through your employer, you might not need Part D. However, if your employer’s plan doesn’t cover prescriptions well, adding a Part D plan might be a wise move.
Similarly, Medigap policies can be useful if you expect high medical costs. But again, if your employer’s insurance offers robust coverage, you might not need this extra layer.
Special Considerations For Smaller Employers
If your employer has fewer than 20 employees, Medicare automatically becomes your primary payer, with your employer’s insurance acting as secondary coverage. This shift means that Medicare will cover the majority of your healthcare costs, and your employer’s plan will fill in some of the gaps. In this situation, enrolling in Medicare is strongly recommended to ensure you have comprehensive coverage. Failing to enrol when Medicare is the primary payer can leave you vulnerable to significant coverage gaps, potentially leading to higher out-of-pocket costs and limited access to necessary medical services.
How To Delay Medicare Part B Without Penalty
If you choose to keep your employer’s health insurance and delay enrolling in Medicare Part B, you can do so without incurring any penalties, provided you are covered by a qualifying group health plan. This option allows you to avoid paying the Part B premium while still receiving coverage through your employer. When you eventually retire or lose your employer-provided coverage, you will qualify for a Special Enrollment Period (SEP). During this time, you can sign up for Medicare Part B without facing any late enrollment penalties, ensuring you maintain continuous healthcare coverage.
Read more: Medicare Social Security Benefits
Conclusion
So, can you take Medicare while still working? Absolutely. Whether you decide to enrol in Medicare alongside your employer’s health insurance or delay certain parts of it, the key is understanding your options and how they fit with your current situation. By carefully considering your healthcare needs, costs, and plans, you can make an informed decision that provides the best coverage for you now and in the years to come. If you’re ever unsure, consulting with a Medicare advisor can help you navigate this important choice with confidence.
