If you are approaching your 65th birthday and still working, you may be wondering if it is time to get yourself a Medicare plan. As an employee, you are currently covered by the health insurance of your employer. The answer you get from these concerns may not be what you expect.
What Are the Options
Medicare Part B is a plan that provides coverage to outpatient services. The answer depends on the number of employees in the company you work for. The insurance from your employer becomes your primary coverage if your employer has 20 employees working for him, or more. There is no need to sign up for Part B if you are still working. This also applies to your spouse.
There is another option, and that is to drop your employer’s insurance, so you can sign up for Part B. On the other hand, if your spouse does not qualify for Medicare, it is better to stay with your employer’s health coverage.
Enroll in Medicare if there are less than 20 employees working for your employer. Once you qualify and get the coverage, it is considered your primary payer. The plan from your employer becomes your secondary payer, which does not cover the costs that belong to Medicare.
Do I Need to Enroll in Part B if My Primary Payer Is My Employer?
Again, it is better to keep your employer’s plan if it is your primary coverage. If your spouse needs coverage, then you may consider paying for both premiums if you think it is the best approach to take.
When it is a secondary coverage, Medicare uses a complicated system to know how much it pays for healthcare services. It does not cover the gap between the amount that your employer pays to the amount your provider charges.
Do I Need to Keep the Insurance from My Employer Who Has a Small Number of Employees?
If it is a secondary payer, it is better to ask the insurer if it offers any gap coverage. A small insurance plan usually has a limited network of providers. If your spouse does not need coverage, it is recommended to purchase a private Medigap plan.
When you finally leave your job, enroll in Medicare Part B together with your spouse. There is a special enrollment period, which is eight months after you quit your job. But, if you are still working, compare the costs and benefits of Medicare and your employer’s insurance.
Regardless of your choice, make sure that you and your spouse are protected by the insurance. At Covensure Brokerage LLC, we work hard in making sure that our clients are well-protected with policies that they can afford. To learn more about how we can help you, please contact our agency at (248) 572-1580 or Click Here to request a free quote.