NYC Insurance Blog

Over 65 and Working? Here are 4 Common Medicare Questions

If you are not receiving Social Security benefits at 65, you will not be enrolled in Medicare automatically. Therefore, if you are over 65 and still working, deciding when to enroll in Medicare depends on your employer's size. The following questions can help you make the right choice:

Can I delay signing up for Medicare Part B?

Yes. If you are over 65 and still working, you can delay signing up for Medicare Part B without incurring any penalties because you get medical coverage through your employer. The same applies if your health insurance is via your spouse's job/employer. However, you must enroll in Medicare Part B 8 months after you or your spouse stop working. Give our office a call to help guide you in finding the right Medicare coverage for you!

What are the effects of enrolling in Medicare if I have a Health Savings Account (HSA)?

Upon enrolling in Medicare, you lose HSA eligibility. This means that you cannot contribute. If you enroll in Medicare, the month it begins, your HSA account overseer changes your contribution to zero dollars per month. Luckily, you can continue withdrawing money from your HSA plan to pay for medical expenses like coinsurances, premiums, copayments, and deductibles. Remember, if you continue to use your HSA plan account for qualified medical costs, the funds will continue to be tax-free. If you already have an HSA and are eligible for Medicare, talk to a financial adviser to understand how enrolling in Medicare will affect your HSA. 

When is the ideal time to retire?

Choosing the right Medicare plan is daunting. However, if you research well and seek help from experts, you can easily make the right choice. It is advisable for seniors to search for a Medicare plan that fits their needs and budget 6 to 9 months before their retirement date. Take your time to research and choose a Medicare plan that fits your health and financial needs. 

Does Medicare affect my employer's health insurance?

No. Medicare and your employer's health insurance complement each other. Medicare covers some expenses, and your employer's health insurance covers others. If your employer has less than 20 employees, Medicare becomes the primary coverage, and the employer provides secondary coverage. This means that Medicare covers the medical expenses first, while the private group plan covers services that Medicare does not cover. Therefore, you can avoid or reduce out-of-pocket costs with Medicare and your employer's health insurance. 

If your employer coverage is becoming too costly remember, you can always enroll in an advantage plan, Give us a call today, to learn more about the different advantage plans in your area!

---