For a large portion of the population over age 65, they are still working.
How does working past age 65 impact your Medicare benefits and when should you enroll into Medicare?
Everyone’s situation can be quite different, so let’s look at some of the questions you need to ask yourself so you will be better prepared.
Can I enroll into Medicare and contribute to my HSA?
More and more folks are participating in an HSA and working beyond age 65.
If you are contributing to a Health Savings Account and you enroll into either Part A or Part B, you must stop contributing. Your employer must stop contributing, also.
Is enrolling into Part A mandatory?
Enrolling into Medicare Part A is only mandatory for those who are collecting Social Security.
If you are not collecting Social Security, you may delay enrolling into Part A & Part B. Should you delay enrollment, talk to your benefits administrator about your options.
If you decide to delay, you will want to make sure that you will qualify for a Medicare Special Enrollment Period when your employer insurance ends.
I am on a group plan and turning 65. My spouse is under age 65 and on my group plan; should I enroll?
That depends. If your employer has 20 or more employees, you can delay enrollment as long as you have group health insurance from a CURRENT employer for which you or your spouse are ACTIVELY EMPLOYED after you turn 65.
The terms Current and Actively Employed are very important. COBRA nor Retiree Benefits count by definition.
As you can see, there are many questions to ask, and everyone’s situation can be quite different. Having a local, professional agent help you with these questions can make a world of difference.
Give me a call and we will discuss your situation. Let’s work together to find the best plan for you.