Be sure to contact your employee benefits department before you turn age 65.
Many people don’t realize that, even if they intend to continue working beyond their age 65, they still need to speak with their benefits department to make sure that there are no actions they need to take or changes that need to be made regarding their benefits once they reach age 65.
For example, virtually everyone who is turning 65 will be eligible for Medicare. But if you are still working and you want to keep your group health insurance coverage, you don’t need to enroll in Medicare when you turn age 65, right? Wrong! Many, if not most, group health insurance plans will require participants who are turning 65 to enroll in Medicare Part A, to maintain their eligibility for the group coverage. The group insurance carrier knows that chances are the Part A coverage will be free to the participant, and it reduces the insurance company’s risk by sharing their it with Medicare.
So, even if you have already decided to defer enrollment in Medicare because you have decided to keep your group coverage, you still need to contact your benefits office to make sure the group provider is not going to require you to enroll at least in Medicare Part A. And, do the math on comparing your group coverage with Medicare. Many people find that, even if they do continue working, they its better to let Medicare take over the health care insurance coverage role and to drop the group coverage. Give me a call or drop me an email if you need any help with that comparison.