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.