Do You Have to Sign Up for Medicare at 65 in you're still working?

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Hi, my name is Jamie and I'm a licensed insurance agent helping seniors navigate the Medicare program and find the coverage that fits their needs. In today's video I want to talk a little bit about a very common question that seems to be popping up more and more, and that is, do you need to enroll in Medicare when you turn 65 if you're planning on working still?

So as you probably already know many people who are 65 are working beyond that important birthday and so, because they're eligible right when they turn 65, many of them already have an employer type coverage. And so, because they're planning on working past 65, they're wondering, do I need to enroll in Medicare still? So there's a lot of misinformation out there, it can be kind of confusing. So I hope you find this video helpful, if you do hit that like button.

So the biggest question you need to figure out is, does your employer offer health coverage and does your employer have 20 or more employees? So the number one thing that you should do, if you're going to turn 65 and you have some sort of health coverage through an employer is talk with your HR person. The reason is, is that there's a good possibility someone's already come to them and asked them this specific question. That would be the first step because each person, wherever they work, whoever their employer is can vary greatly and so I would encourage you to reach out and to speak with your HR person.

The other thing that you want to take into consideration is there's a difference between enrolling in Medicare part A, which is your hospital insurance and Medicare part B, which is your medical insurance. Part A does not cost you anything to enroll. So most workers should probably enroll in Medicare part A. It's meant to cover hospitals, skilled nursing facilities, as well as certain care given at home. And so you can ask your employer about that as well, and you can just ask him whether your current coverage will change in any way if you enroll in Medicare, even if it's just part A. Part B, which is your medical insurance, is where it gets a little bit more tricky. So Medicare Part B is meant to cover outpatient and preventative care services like when you go to the doctor or you have a test done. Medicare part B has a monthly premium that comes along with it and so that's something else that you want to keep in mind.

The most important thing to remember is that if you're eligible for enrolling in Medicare, when you first turned 65 and you don't up for part B, you could get a 10% premium penalty, again, that's if you don't have employer coverage, that's the one exception. So whether or not you enroll in part B depends on if your employer offers you health insurance past 65, also, if your employer has more than 20 employees. If that's the case, then you can delay enrolling in Medicare part B because your employers group health plan will be your primary insurance. Then whenever you choose to retire or leave, you'll have what's called a special enrollment period that lasts for eight months where you can sign up for part B without penalty. You'll just want to keep in mind. Medicare will want to know that you had that credible coverage through your employer.

Now, if your employer has fewer than 20 employees, then you need to enroll in Medicare, part B when you're first eligible. And so again, that's why it's so important probably to reach out to your HR department and find out what their recommendation is. If you do that, Medicare then becomes your primary insurance and you'll just want to keep in mind that Medicare is very comprehensive, it's accepted throughout the nation, but it covers only 80% so there's a 20% gap in coverage. So that's what we help people with, Medicare part A and B is kind of the government side of Medicare. And then a lot of people come to us to get a supplemental insurance policy to cover the 20% gap in coverage.

The other thing that you'll want to remember is that Medicare does not cover prescription drugs. So if you choose to enroll in a Medicare part B and use part A and B as your primary insurance, you'll need to have part D, D like dog, drugs coverage in place. And that's something else that you'll want to check with your employer about as well. Because again, if you don't have credible prescription drug coverage after 65, you could have a penalty as well.

I really recommend that you get a Medicare And You book, it's sent out every year. You can pick it up at your local library. If you have other questions about Medicare, feel free to leave a comment below and ask them, and we might use it in a future video. If you like videos like this about Medicare, be sure and hit that subscribe button like this video to help us reach more people. And thanks for watching, have a great day.

#medicareenrollment #turning65 #medicareagent

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