Working Past 65?

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Many people reach the age of Medicare eligibility while continuing to work. And lots of individuals have health insurance through their employers. The fact of the matter is, retirement used to be closely linked to turning 65. This is no longer the case. The full retirement age – when you can receive 100% of your social security retirement benefit – is 66 for anyone born in 1943. And the age is 67 if you were born in 1960 or later. However, Medicare eligibility still begins at 65, even if retirement does not. Here’s what you need to know about Medicare if you are still employed and are age 65 or older.

1. You still have a Medicare Initial Enrollment Period (IEP) when you turn 65. You may want to consider enrolling in Part A during this time. Part A is premium free as long as you or your spouse worked and paid Medicare taxes for at least 10 years. 

2. You must be proactive and enroll in Medicare yourself. You are not automatically enrolled into Medicare unless you currently receive Social Security or Railroad Retirement Board benefits. 

3. You may qualify for a Special Enrollment Period (SEP). This allows you to delay enrolling in both Part B and Part D without incurring penalties for late enrollment. That being said, you need to get confirmation of creditable coverage form your employer.   

If you or your spouse is working, then you may have health insurance through an employer. So, it’s important to understand exactly how Medicare may work with your existing insurance. Before you do anything about Medicare, you need to talk with your employer health plan administrator.

Some questions that you may want to consider asking:

What kind of health plan do I have? For example, many employer plans are HMOs (health maintenance organizations). 

Does my employer require that I enroll in Medicare? 

How would my health insurance change if I enrolled in Medicare?

How much is deducted from each paycheck for health insurance? (Remember that you do not pay taxes on payroll deductions for health insurance. You need to consider the tax savings to determine the total value.)

This information can help you properly evaluate your Medicare options and make a decision on what’s best for you and your future.