Know Your Medicare Responsibilities
Many individuals who have decided to continue to work beyond their age 65, also intend to keep their group health insurance coverage that they presently have through their current employer (or their spouse’s employer) until they retire. That is one definitely of their Medicare options, delaying their enrollment past age 65 until such time as they are terminated from their other “creditable” health insurance coverage plan. However, they may also choose to drop their group insurance coverage and enroll in full Original Medicare Part A and Part B when they turn age 65.
f you do decide to keep some other type of “creditable coverage” (like group health insurance) once you turn age 65, you should be aware that you will still want to contact your benefits office BEFORE you turn age 65, to confirm whether you may still need to enroll in Medicare Part A, even if you are planning to keep your group coverage when you turn 65. Because in many cases, when you turn age 65, you still need to enroll in Medicare Part A to be eligible to continue on with your group health insurance (or other creditable coverage).
In these cases, you would enroll in Medicare Part B (or Parts A&B, if your group provider doesn’t require enrollment in Part A at 65) whenever your group insurance coverage is ultimately terminated. Keep in mind that there are also potential late enrollment penalties that you should be aware of for some Medicare Parts depending on your circumstances and when you enroll.
The bottom line is that you need to understand what your “eligible enrollment periods” are, and what your options and responsibilities are for enrolling in each Medicare Part; because you want to make sure that you avoid any late enrollment penalties; some of which can be significant.
To learn more about all of your costs, benefits and responsibilities with Medicare (even if you don’t want/need Medicare coverage when you turn 65), come to one of my free informational seminars on Medicare Preparation, which you can sign up for on this website: https://www.gracofinancial.com/calendar/ or call me at: 210-531-1230. You can also watch a full video of this seminar on this same website whenever you wish, if that is more convenient for you. Contact us whenever you are ready to discuss your individual circumstances and options with myself or one of other Medicare insurance professionals.