Many people are still working well past the typical retirement age. Due to medical advancements, people are living longer than ever. If you are still working, and you are about to turn Medicare age, there are things you need to know. 

If you turn 65 and you can enroll into Medicare, the path isn’t always clear. Just because you can, doesn’t mean you should. Depending on your situation, enrolling into Medicare can be helpful or unnecessary. 

For example, if you turn 65 and you are eligible for Medicare Part A and Part B, if your worker’s coverage is extremely expensive or doesn’t cover much (e.g. high copays/coinsurance), then it would be worth it to compare potential Medicare plans to employer coverage. 

You could also turn 65, become eligible for Original Medicare, and be lucky enough to not need to enroll into it because your employer’s coverage is creditable (by Medicare’s standards) and is affordable. This is ideal, as you could delay Medicare enrollment without penalty. 

Here are 2 questions to consider while thinking about Medicare Enrollment while you are still employed: 

  1. How much is your current coverage?

Figure out the cost of your premiums, copays, coinsurance and review what your employer plan covers. Compare this cost to potential coverage through Medicare and a Medicare plan. You can do this by working with an advisor. We are available whenever you need us, set an appointment here.

  1. Is your current coverage creditable?

In order to delay Medicare enrollment at Medicare age, you will need creditable insurance through your employer or your spouse’s employer. Medicare sets certain standards for coverage in order to deem it as creditable. If you are nearing 65, CMS will send you a letter about whether your health and prescription drug coverage is “creditable,” or has enough coverage to avoid getting lifetime penalties from delaying Medicare Enrollment. To figure this out, your advisor and HR department can work together to fact-find this for you. Also, pay attention to the mail. CMS and Social Security always sends out letters. 

If you are employed and are covered through your employer and you are eligible to enroll into Medicare, it is important to work with a licensed advisor that can guide you through this confusing time. You can set-up an appointment here.