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How To Navigate Medicare If You’re Still Working

Medicare is often advertised as an insurance policy for retired individuals. However, you can still get it even if you’re working. There are some factors to consider, though – the type of coverage you have can impact the amount of time you have to join Medicare without incurring late enrollment penalties.

What If I Want To Wait?

Delaying enrollment in Medicare won’t always result in late enrollment penalties. For example, you can wait until you’re older than 65 to join if you have creditable coverage, which can be coverage such as group health insurance from your employer. You may even be able to wait if you have health insurance you’ve purchased on your own.

It is important to note that while you may be able to delay enrollment under certain circumstances, contacting your insurer or benefits administrator is still highly encouraged. If the coverage isn’t credible, delaying Medicare enrollment will lead to late enrollment fees.

What Will My Coverage Be Like If I Add Medicare?

Medicare does coordinate with other types of health insurance. For example, if you have health insurance through your employer, Medicare will coordinate benefits. When you get medical treatment or services, one policy will cover its portion of the costs, and once its benefits have been exhausted, the other policy will kick in and provide payment up to coverage limits.

The order in which two policies pay depends on how many employees your employer has. If your employer has at least 20 employees, your group health coverage will pay first. Medicare will pay first if your employer has fewer than 20 employees.

If you have retiree coverage from a previous job, enrolling in Medicare Parts A and B may be required for you to continue getting its benefits.

What If I Have Health Insurance That Isn’t Available To Others In My Company?

If your job-based health insurance isn’t available to everyone in the company, there is a chance that your coverage may not be group health coverage. You will need to contact your insurer to find out. Suppose your coverage isn’t considered group health coverage. In that case, you’ll need to enroll in Medicare once you’re eligible to avoid a late enrollment penalty.

What If I’m Planning To Retire?

It is a good idea to discontinue contributing to your HSA at least six months before retirement to avoid a tax penalty.

To avoid a coverage gap, you may enroll in a Medicare Advantage plan, which includes inpatient and outpatient coverage, within two months of your job-based coverage ending. This also applies to Medicare Part D if you need coverage for medications.

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We at KBI Solutions will get you the best Medicare policy for your needs and circumstances. Call us today at (254) 918-5444 to learn more about how we can help you.