Many Americans choose to continue working past age 65. According to the Bureau of Labor Statistics, 36 percent of 65-to-69-year-olds will be part of the labor force by 2024.
Some do it because they love to work and love what they do and some do it out of necessity. With pension plans becoming a thing of the past and Social Security full retirement age being pushed further and further back, many Americans are having to work past age 65.
If you plan to continue to work past age 65 and you have health insurance through your employer group, you may be able to delay your Medicare benefits until you retire and lose your employer insurance, however you will want to verify these two requirements:
1. The employer has 20 or more employees.
2. The Rx coverage on your employer group plan is considered “creditable coverage”
If these two requirements are met, you can enroll into Part A at age 65 ($0/mo. for most people) and you can delay enrolling into Part B, Part D and Part C without facing any penalties. There will be a cost for the rest of these Parts once you are enrolled.
Side note: Employer HSA plans have specific rules so contact us if you have one.
This is what a lot of clients of ours have done and when they finally decide to hang them up they come to us to get help with the transition to Medicare.
We show them how to enroll into Part B without penalty through the Social Security Admin. Explain to them the difference between Supplement plans vs. Medicare Advantage. We also can help them shop for the most cost effective Rx plan using the Medicare.gov plan search tool. Finally, we continue to service their policies if they have problems or questions about their plan.
Best of all there’s no additional cost for our services as we get paid by the insurance companies we contract with.
If you plan to continue to work and stay on your employer group insurance but would like us to help you with the transition to Medicare when you get there, we would be glad to help. You can schedule a no-cost consultation with us here!
Thanks for reading!
