Medicare and Working Past 65

Episode Summary

This informative discussion tackles the complex decisions around Medicare enrollment for individuals who continue working past the age of 65. With insightful guidance from two Medicare experts, it explores the options and considerations for coordinating Medicare benefits with employer-group health plans.

A key decision outlined is whether to sign up for Medicare Part A and Part B upon turning 65 or remain on an employer's group insurance plan. The choice depends on variables like employer size, comparative costs and coverage between the plans, access to health savings accounts (HSAs), and personal preferences. The hosts emphasize analyzing your unique situation.

For enrollment, they explain that Part A typically starts automatically if you're receiving Social Security. Part B requires active enrollment and missing deadlines can lead to lifelong late penalties. They advise consulting Social Security statements and calling Medicare directly with any questions.

When weighing employer coverage, factors like plan costs, coverage details, provider networks, prescription drugs, and contribution limits for HSAs and flexible spending accounts come into play. You’ll want to compare these provisions against Medicare.

Key insights covered include how to coordinate Medicare with a group health plan from a smaller employer with less than 20 employees. Special rules apply in this scenario. They also address avoiding penalties for late enrollment in Medicare Part D prescription drug coverage.

For individuals who retire and enroll in Medicare but later return to work with health benefits, the hosts provide important advice for managing this transition. They explain how to switch between Medicare and group insurance to avoid coverage gaps or duplicate benefits.

In all cases, working with a Medicare specialist to evaluate choices and enrollment timing based on your employment situation is highly recommended. This can help avoid missteps and ensure you get the most out of your eligible benefits.

With comprehensive guidance and insights, this discussion helps create clarity and confidence for anyone navigating Medicare enrollment options leading up to or beyond age 65 while still working.


(0:00:08) - Broker Link podcast discusses what Medicare looks like when you work past 65
(0:00:38) - Mike Smith: The Broker Link podcast focuses on helping seniors make decisions about Medicare
(0:02:32) - An individual is looking at picking up Medicare A and B at age 65
(0:04:23) - Should individuals working past age 65 take both Medicare A and B
(0:07:51) - Will employer health plan coordinate with Medicare if an employee opts out
(0:10:55) - If an individual opts out of taking Medicare Part B they will face penalties
(0:13:27) - How would enrolling into Medicare affect an HSA
(0:17:08) - Health savings accounts can help contribute towards certain Medicare premiums beyond age 65
(0:19:48) - People always ask is Cobra credible coverage? If an individual does take Cobra
(0:23:48) - An individual may retire at age 65 with group health coverage
(0:28:15) - If an individual has Medicare A and B, their employer offers other benefits
(0:35:34) - Mike Smith: Thank you, Nick. This has been a nice interview

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