Vincent Thrasher
Founder at - over65 insurance optionsVincent Thrasher, the pioneering founder of Over65InsuranceOptions, has an impressive 20-year tenure in the insurance industry. His in-depth expertise spans the entire spectrum of senior...Read more
As you approach your 65th birthday, you may be wondering if you can still work and receive Medicare benefits. It’s a common question, and one that has a straightforward answer. In short, yes, you can get Medicare at 65 and still work.
However, there are some nuances to consider, such as the type of Medicare coverage you choose and whether you’re eligible for certain programs. In this article, we’ll explore the ins and outs of Medicare and working past 65, so you can make informed decisions about your healthcare coverage.
Yes, you can enroll in Medicare at 65 even if you are still working. However, if you have group health insurance through your employer, you may want to delay Part B enrollment to avoid paying for coverage you don’t need. You can enroll in Part B at a later time without penalty during a Special Enrollment Period, which lasts for eight months after you stop working or lose your employer coverage.
Can I Get Medicare at 65 and Still Work?
Medicare is a federal health insurance program that provides coverage for individuals aged 65 and above, as well as those with certain disabilities or medical conditions. Many Americans wonder whether they can continue working after they turn 65 and still enroll in Medicare. The answer is yes, but there are some important factors to consider.
Enrolling in Medicare while still working
If you are still working at age 65, you can enroll in Medicare Part A, which covers hospital stays, without paying a premium if you or your spouse paid Medicare taxes for at least 10 years. However, if you want to enroll in Medicare Part B, which covers doctor visits and other outpatient care, you will need to pay a premium.
It is important to note that if you do not enroll in Medicare Part B when you are first eligible, you may face a penalty when you do enroll. The penalty is typically 10% of the Part B premium for each 12-month period that you were eligible but did not enroll.
Medicare and employer coverage
If you are still working and have employer-sponsored health insurance, you can delay enrolling in Medicare Part B without facing a penalty. However, you will need to enroll in Part B within eight months of losing your employer coverage or you may face a penalty.
If you have a high-deductible health plan (HDHP) with a health savings account (HSA) through your employer, you may be able to continue contributing to your HSA after enrolling in Medicare. However, you cannot contribute to your HSA if you enroll in any part of Medicare other than Part A.
Medicare and retirement
If you plan to retire at age 65, you can enroll in Medicare Parts A and B during your initial enrollment period, which begins three months before your 65th birthday and ends three months after. You can also enroll in a Medicare Advantage plan or a Medicare Supplement plan, which can provide additional coverage beyond what is covered by Original Medicare.
It is important to note that if you have retiree health benefits through your employer, you may still need to enroll in Medicare to avoid any gaps in coverage.
Benefits of enrolling in Medicare
Enrolling in Medicare can provide many benefits, including access to a wide range of healthcare services, lower out-of-pocket costs, and coverage for prescription drugs. Medicare also covers preventive services, such as cancer screenings and flu shots, at no cost to you.
If you have a chronic condition or need ongoing medical care, Medicare can provide the coverage you need to manage your condition and maintain your health. Medicare Advantage plans and Medicare Supplement plans can also provide additional benefits, such as dental, vision, and hearing coverage.
Medicare vs. employer coverage
If you have employer-sponsored health insurance, you may wonder whether Medicare is better for you. The answer depends on your specific situation. Medicare may offer more comprehensive coverage and lower out-of-pocket costs, but employer coverage may provide more flexibility and a wider range of providers.
It is important to compare the costs and benefits of your employer coverage and Medicare to determine which option is best for you. You may also want to consider enrolling in both Medicare and your employer coverage, known as dual coverage, to maximize your benefits.
Medicare and Social Security
If you are enrolled in Social Security, you will automatically be enrolled in Medicare Parts A and B when you turn 65. If you are not enrolled in Social Security, you will need to enroll in Medicare yourself.
It is important to keep your Social Security and Medicare information up to date to ensure that you receive all of the benefits you are entitled to. You can do this online through your Social Security account or by contacting the Social Security Administration.
Medicare and income
Your income can affect your Medicare premiums. If your income is above a certain threshold, you may need to pay a higher premium for Medicare Part B and Part D, which covers prescription drugs.
If your income changes, you can request a new determination of your Medicare premiums. You can also appeal a determination if you believe it is incorrect.
Medicare and Medicaid
If you have limited income and resources, you may be eligible for both Medicare and Medicaid, which is a joint federal and state program that provides healthcare coverage for low-income individuals.
Medicaid can help cover some of the costs that Medicare does not cover, such as deductibles, copayments, and coinsurance. If you are eligible for both programs, Medicare will pay for its share of your healthcare costs first, and then Medicaid will pay for the rest.
Conclusion
Enrolling in Medicare at age 65 while still working is possible, but there are many factors to consider. It is important to understand the different parts of Medicare, how they work with employer coverage, and how your income can affect your premiums.
By understanding your options and choosing the coverage that best meets your needs, you can ensure that you have access to the healthcare services you need to maintain your health and well-being.
Frequently Asked Questions
If you’re approaching 65, you may be wondering if you can still work and receive Medicare benefits. Here are some commonly asked questions and answers to help you understand your options.
Can I get Medicare at 65 and still work?
Yes, you can get Medicare at 65 and still work. If you or your spouse have worked and paid Medicare taxes for at least 10 years, you’re eligible for premium-free Part A coverage. You can also enroll in Part B and pay monthly premiums, even if you’re still working and have health coverage through your employer.
Keep in mind, if you delay enrolling in Medicare Part B and don’t have creditable coverage, you may have to pay a late enrollment penalty when you do decide to enroll. It’s important to talk to your employer and a Medicare representative to understand your options and avoid any penalties.
Do I need to enroll in Medicare if I’m still working?
It depends on the size of your employer and the type of health coverage you have. If you work for a small employer with fewer than 20 employees, Medicare will be your primary insurance and you’ll need to enroll in both Part A and Part B. If you work for a larger employer with 20 or more employees, your employer’s health coverage will be your primary insurance and you may be able to delay enrolling in Part B without penalty.
However, if you lose your employer’s health coverage for any reason, you’ll need to enroll in Medicare Part B within eight months to avoid a late enrollment penalty. It’s important to understand your employer’s health coverage and how it interacts with Medicare to make informed decisions about enrolling in Medicare.
What if I have retiree health coverage?
If you have retiree health coverage from a former employer, it may work differently than current employer coverage. In many cases, retiree health coverage is secondary to Medicare and you’ll need to enroll in both Part A and Part B to have full coverage.
It’s important to talk to your retiree health plan administrator and a Medicare representative to understand how your retiree health coverage works with Medicare and when to enroll in each part of Medicare to avoid any penalties or gaps in coverage.
Can I get Medicare if I’m self-employed?
Yes, you can get Medicare if you’re self-employed and have paid Medicare taxes for at least 10 years. You’ll be eligible for premium-free Part A coverage and can enroll in Part B and pay monthly premiums.
It’s important to understand your options and any penalties for delaying enrollment in Medicare Part B. You may also want to consider purchasing a Medicare Supplement Insurance plan to help cover out-of-pocket costs not covered by Medicare.
What if I work past age 65?
If you work past age 65 and have health coverage through your employer, you can delay enrolling in Medicare Part B without penalty. When you retire or lose your employer coverage, you’ll have a special enrollment period to enroll in Part B without penalty.
If you delay enrolling in Medicare Part B, it’s important to have creditable coverage to avoid any penalties. Talk to your employer and a Medicare representative to understand your options and avoid any gaps in coverage or penalties.
In conclusion, if you are 65 years old and still working, you are eligible for Medicare. You can enroll in Medicare Part A and/or Part B, depending on your needs and preferences. Keep in mind that you may also be eligible for Medicare Advantage plans, which offer additional benefits and services.
Before you make any decisions about your Medicare coverage, it’s important to do your research and consult with a trusted healthcare professional. They can help you understand your options and choose the plan that best meets your needs and budget.
Remember, Medicare can provide valuable benefits and services, including preventive care, hospital stays, and prescription drug coverage. By enrolling in Medicare, you can protect your health and financial well-being, both now and in the future.
Vincent Thrasher, the pioneering founder of Over65InsuranceOptions, has an impressive 20-year tenure in the insurance industry. His in-depth expertise spans the entire spectrum of senior insurance, encompassing Medicare, Medigap, long-term care insurance, life insurance, and dental, vision, and hearing insurance. Vincent's unwavering passion for guiding seniors through the intricate insurance landscape and crafting customized solutions to address their individual needs has earned Over65InsuranceOptions an esteemed reputation as a dependable ally for seniors nationwide.
More Posts
