When to sign up for Medicare

The question When to sign up for Medicare is a very common question asked so don't feel alone.  You always want to make sure to avoid future penalties by enrolling before those penalties would go into effect.

• Does having Employer coverage mean I don't have to enroll?
• Can I stay on my group plan?
• Do I have to sign up for both Part A and B together?
• Do I have to wait until age 65 to enroll?
• Rules and timelines for enrollment

When to sign up for Medicare: still working

If you have employer coverage and plan to continue to work, great.  You will need to enroll in Medicare Part A and in most cases your employer provided coverage will be primary. You can remain on your group plan and won't have to start Part B as long as you have qualified coverage. * Some retirement packages do not offer Healthcare that Medicare deems Qualified and as such would incur late fees if not enrolled. Many people opt out of group plans entirely so that they can receive the benefits of Medicare and a Health plan to work with.  You have paid into Part A your whole working life and now you can enjoy the benefits. Part B needs to be paid for and can be setup to come out of your social security. Current cost for Part B is 170.10 for 2022.  You can enroll prior to your 65th birthday and is usually a good idea in case of delays.  You can enroll on the first day of the month, three months prior to your 65th birthday.  If you don't enroll in Part B when eligible you may be subject to penalties for as long as you have Part B.  Understanding when your enrollment period starts

It is a good idea to speak to your HR or coordinator for group benefits at work if you continue past age 65.  Some companies now offer limited options that work with Medicare. It is important to know that the prescription drug plan is a Medicare qualified plan if you choose to stay enrolled or are retiring and offered extended coverage.  Not all coverage is qualified and can result in penalties when you enroll.

When to sign up for Medicare: Speaking to a broker

Getting all the information you can about your individual health care options will help to optimize your benefits and avoid unnecessary penalties or late fees.  Turning 65 or retiring can be a very exciting and sometimes stressful time.  Senior Health and Life mission is to consult and educate so that the individuals we meet can make an informed decision and pick the best options for their healthcare needs.