Subscribe Love

Here’s what to know about Medicare

by | Jan 24, 2019 | Opinion

If you plan to work past 65 and keep the health insurance you’ve had from your job, you’re likely to wonder what, if anything, you need to do about enrolling in Medicare.

 About one in six older Americans now remains in the workforce beyond what was once the traditional retirement age. And the number of older workers will only grow over time.

One reason is that Social Security now requires you to be at least 66 to collect your full retirement benefits. Retiring earlier means a smaller Social Security check.

Then, too, a number of 60-something workers continue to pursue their careers because they can’t afford to retire. Still others simply prefer to stay engaged and on the job.

Whatever the reason for postponing your retirement, you still need to consider Medicare as you approach your 65th birthday and qualify for the health care coverage.

First, you should visit with your company’s human resources manager to determine how your employer-provided insurance will fit with Medicare. That’s also true for anyone turning 65 and receiving health care through a working spouse’s group plan.

Most workers will want to sign up for Medicare’s Part A, which usually has no monthly premium and covers hospital stays, skilled nursing, home health services and hospice care.

Of course, like most rules of thumb, there’s always an exception. And this one is no different.

If your employer coverage takes the form of a high-deductible insurance plan with a health savings account, you should defer enrolling in Part A. That’s because the Internal Revenue Service forbids you to continue contributing to your tax-advantaged savings account once you have Medicare.

When you sign up for Medicare’s Part B, which covers doctor appointments and other outpatient services, most depends on how large your employer is.

If your or your working spouse’s company has 20 or more employees, your employer-provided insurance will remain your primary coverage and will pay your bills first. You can delay enrolling in Part B until you stop working.

If your or your spouse’s company has fewer than 20 workers, Medicare will become your primary coverage, and your employer coverage will be secondary, so you should sign up for Part B. 

Assuming that you’re not yet receiving Social Security benefits, you’ll need to enroll in Medicare by contacting Social Security at 800-772-1213 or www.socialsecurity.gov.

Completing the online application is fairly simple and typically takes 10 to 30 minutes.

You should do this during what’s called your “initial enrollment period,” which runs from three months before the month you turn 65 to three months after your birthday month. For example, if your 65th birthday is in September, you can sign up any time from June 1 until Dec. 31.

 There’s also the question of whether you’ll need to enroll in Medicare’s prescription drug coverage, also known as Part D, when you turn 65 or whether you can put off that decision.

Again, you should consult with your company’s benefits manager. If your employer plan includes drug coverage that’s at least comparable to Part D coverage, you won’t need to sign up right away.

When you do finally stop working, you’ll be able to enroll in Medicare (Parts A or B) without risking a late penalty during a special eight-month enrollment period.  You’ll also have two months to select a Medicare drug plan without a penalty.

To learn more about how your employer health plan works with Medicare, visit www.medicare.gov/publications and view the booklet “Medicare and Other Health Benefits: Your Guide to Who Pays First.” Or call 800-633-4227 to request a free copy.

 Understanding how your insurance choices fit together as you continue working beyond 65 will help you get the best care for your dollars.

 

For more stories like this, see the Jan. 24 issue or subscribe online.

 

By Bob Moos • Southwest public affairs officer for the U.S. Centers for Medicare and Medicaid

0 Comments

Public Notice - Subscribe

Related News

Raking it in

Raking it in

 I hate pine needles. Growing up in Arkansas will do that to you. Pine trees are everywhere in Ashdown, Arkansas. They are pretty much everywhere throughout the Natural State.  Pine trees brought the paper mills, which brought the paper mill employees, which...

read more
Halloween season highlights

Halloween season highlights

There’s something about being scared. Some kids claim they don’t like it,,but do. While a handful of other kids claim they don’t like it, and really don’t. I was the former. My sister was the latter. In the small, redbrick house on Beech Street in Ashdown, Arkansas,...

read more
John Wayne: Movie star superhero

John Wayne: Movie star superhero

Columnist John Moore believes that you haven't been immortalized properly until you've been painted on black velvet. Like this John Wayne rendering that's available on eBay from Lindy1017. Courtesy eBay Lindy1017 You’d think that John Wayne said the word ‘pilgrim’ a...

read more
Our stories shape the stories that matter most

Our stories shape the stories that matter most

It seems like about every time I am out in the public, no matter what the occasion, once someone realizes I own the local paper they seem anxious to tell me something.  And in more cases than not, it is how something someone has read impacts their lives. For...

read more
2024 trip prices far from magical

2024 trip prices far from magical

Photo by Ricardo Guzman, Pixabay As we left Ashdown, Arkansas, in my mom’s 1971 Buick Electra 225 Limited, my mom turned to my dad and asked, “Jimmy, are you sure we have enough money?” He responded, “Well, Mary. If four hundred dollars isn’t enough to spend two weeks...

read more
The screening process

The screening process

Movies were better in a theater. A theater filled with people. Such was the case before the internet. Before HBO. Before people holed up in their living rooms and away from their neighbors and friends. A time when pay-per-view meant you bought a ticket to watch a...

read more
Scouting for knowledge

Scouting for knowledge

John Moore’s genuine Scouting pocketknife. Courtesy John Moore  I learned a lot from Scouting. Started as a Cub Scout, then joined Webelos, then the Boy Scouts.  Girls and making money took priority over my time around age 14, so I never made Eagle Scout....

read more
The Pioneer Skillet

The Pioneer Skillet

Cast iron skillet used for generations by John Moore’s family that was featured in The Pioneer Woman Magazine. Courtesy John Moore. My momma’s skillet and this columnist are featured in the fall 2017 issue of The Pioneer Woman Magazine. Well, it used to be my momma’s...

read more
A Fair Deal

A Fair Deal

Columnist John Moore’s sister took first place at the county fair with a photo she snapped on a Colorado train trip. Photo courtesy John Moore The photo was taken quickly with little thought of its future impact. It was just one on the 36-count roll of Kodak color...

read more
Public Notice - Subscribe