Are you or your spouse working and turning 65? You might be asking what do I need to do about Medicare. Below are some different scenarios that will help you determine what to do.
Working and no insurance coverage:
You will need to enroll in Medicare A & B and find a Medicare plan that suits your needs and wants. Call Sun Coast Legacy Advisors today. We can walk you thru the process.
Working for a small employer:
If your company has less then 20 employees, you will need to enroll in Medicare A & B. This is where a cost/benefit analysis done by one of our agents would serve you best. We can help you find the best coverage for the least amount of money by comparing your employer's plan to the Medicare plans available in your area.
Working for a Large employer:
This can be broken down into a few categories.
The first thing you want to know is your cost per month for your insurance and how much risk your current plan carries. Medicare Part B costs $134 per month.
-Paying less then $134 per month: You would want to stay on your current plan and delay your Part B enrollment. To do so you do nothing. Continue on as normal. Once you lose coverage due to retirement or reduction in hours you will need to enroll in Part B at that time. We can help you the process at that time.
-Paying more then $134 per month: Contact Sun Coast Legacy Advisors to do a cost/benefit analysis to ensure you are getting the best coverage at the best price.
-Working and insuring your spouse: This scenario comes down to cost and age. You might be best served by staying on your plan if your spouse is younger. If your spouse is older and has delayed Part B enrollment you might both be best served to go onto Medicare Part B and enroll in a local Medicare plan.
-Spouse is working and insuring the person turning 65: Cost of insurance is the question. How much is your spouse spending to insure you? Often times going onto Medicare A & B and a local Medicare plan is the most cost effective thus giving the household more money per month.
Notable Points to consider:
- If you are 65 or older and you lose your group coverage either voluntarily or involuntarily you qualify for a Special Enrollment Period. At this time, you can enroll in Part B with no penalty. If your lapse in coverage is greater than 8 months, you will receive a penalty.
- COBRA and retiree insurance are not considered current employer insurance, and you will not have a Special Enrollment Period consideration for these types of insurance.
- Before you make a decision make sure your coverage counts as an employer insurance.
- If you are thinking about turning down Part B, you should call the Social Security Administration at 1-800-772-1213. Ask if you can defer enrollment without a penalty.
- Be sure to clearly explain your circumstances, and
- Write down who you spoke to, when you spoke to them, and what they said.
If you are are unsure if your current insurance will be the best or if you should take Medicare call to book a meeting with a broker. We will do a cost/benefit analysis to make sure you are making the right choice. We work as a fiduciary on your behalf. So we have your best interests in mind above all else. The goal is to lower potential cost as low as possible while still receiving great medical care when you need it. The fastest way to find out the best direction for you or a loved one is by booking a meeting with a broker.
Book your appointment today: