Offered by: Jennifer Bell – Bell Benefits, LLC
What do you do if you are still working at age 65, don’t want to retire and have health insurance through your employer? You are going to begin receiving all sorts of collateral in the mail about getting on Medicare at 65. So, the big question is, do you have to get on Medicare at age 65?
The answer is yes, and no. Confused? You’re not the only one!
If you have coverage through active employment, you may have what’s called “credible coverage.” When you have credible coverage, you do not have to go on Medicare when you turn 65.
A lot of people will go on Medicare Part A when they turn 65 because it is free.
The parts of Medicare which can incur a penalty are Part B and Part D.
If you do not have credible coverage in these areas, and you forgo joining Medicare when you turn 65, later on when you join Medicare, you will be assessed a penalty for late enrollment.
But remember, if your employer’s coverage is considered credible coverage, you will not be penalized when you join Medicare at retirement. You will be given a special enrollment period for loss of employee group health coverage.
I always recommend you call your human resources department at your company and confirm you have credible coverage in the eyes of Medicare.
If none of this makes sense, please call me and I will walk you through your individual situation.