Be Mindful When It Comes to Your Medicare Benefits!
Many people work past age 65 and want to stay on their employer’s health plan. If your employer has more than twenty employees, that is generally not an issue. However, when there are less than twenty, here are some things you and your spouse will need to know to avoid any penalties, as well as not being able to enroll at all.
Five Medicare tips things that can make a difference in your overall financial well-being.
- If you enroll in Medicare at all, even part A, you can no longer contribute to an HSA.
- If you lose your job in any way, you MUST enroll in Medicare within eight months or face penalties. Even if you take COBRA, Medicare requires you to enroll.
- Your Spouse must also enroll in Medicare within eight months if you lose your job in any way.
- If you are in your companies health plan, you must make sure it has “credible drug coverage.” Meaning it has to be as good as Medicare’s Part D.
- If you receive Social Security or Railroad Board Benefits, you will automatically be enrolled in Medicare part A & B at age 65. You will need to let Social Security know you wish to delay Part B.
By law, if you are receiving Social Security, you must also have Medicare Part A.
Remember you have eight months to enroll in Parts A & B. Only two months to enroll in Parts C & D.
Staying at work past age 65 can be wonderful, but knowing some of these pitfalls can keep you from any problems while helping you get there in your retirement.
Rees Bridges brings a unique value to the IFW as both a highly accomplished creative professional and a successful financial services executive to serve in his role as Senior VP, Marketing & Communications.
Over the last decade Rees has served as the lead marketing & communications professional for a Fortune 500 Financial Services firm. He oversaw all advisor marketing strategies, client communications, and the entire firms branding and marketing initiatives.
Rees continues to pursue his passions as a creative professional & musician for over 30 years, with an impressive profile and reputation as a designer, performer, teacher, and studio musician. Here is a little secret: He serves in the role as an international clinician for Mapex drums, Paiste Cymbals and held the record for world’s fastest drummer between 2006 and 2007.
Rees grew up in London, England and currently resides in Miami, Florida. When not at work, he enjoys spending time with family and friends, traveling, and indulging in his passions for music and creative pursuits.
