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Planning to work past the age of 65?

It has become increasingly common for people to work past the age of 65.

This situation creates a lot of questions related to Medicare which we hear on a daily basis: 

• Do I need to sign-up for Part B,  if I plan to work past the age of 65?
• Will I be penalized if I do not enroll in Medicare at age 65?
• Will my Medicare be delayed if I don't enroll in Medicare at age 65?
• Does it make sense for me to drop out of my Group Health Insurance and enroll in Medicare?
• ... and many more!

If you are approaching age 65 and still working, OR past the age of 65 and looking to retire soon, or just curious about these questions, we created a short video (~6 minutes) that we hope helps provide some clarity.
 
The video covers situations for two groups of individuals:

1. Approaching age 65 and still working
2. Working Past the age of 65 and preparing to enroll in Medicare

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(1) Approaching Age 65 and Still Working

(1) For individuals who are approaching age 65 and still planning to work, one of the most important questions that needs to be asked is, "Is the company more than 20 employees?"  The reason this is so important is that Medicare is primary coverage for small groups (< 20 employees).  

(1.1) If the company is more than 20 employees, the beneficiary has the option to keep his / her Group Health Insurance plan as Primary Coverage and delay enrollment in Part B of Medicare.  Before making this decision, we generally recommend a complete cost comparison with Medicare to see if the individual could potentially save money and get better coverage with Medicare + Supplement + Part D Plan.

(1.2) If the group health coverage is from a small group (< 20 employees) and you are Medicare eligible, you MUST have your Part A and B of Medicare as your Primary coverage.  Otherwise, the Group Health Insurance company does NOT have to pay your claims.  After you sign-up for Part B, you should then analyze whether it makes sense to continue to pay the Group Health premiums or switch to a Supplement + Part D Plan.  In almost all cases, it makes sense to switch to a Supplement + Part D Plan... and the employer can actually pay for the Supplement + Part D Plan since the group is less than 20 employees!

(2) Working Past the Age of 65, and Preparing to Enroll in Medicare

 (2) For individuals who worked past the age of 65 and are considering retiring soon, the first question we ask is "Did you already enroll in Part B of Medicare?"

(2.1)  If you did not yet enroll in Part B of Medicare, you will need to complete two CMS forms and bring (or mail) to Social Security to enroll in Part B.

Application to enroll in Part B - completed by individual applying for Medicare Part B.

• https://www.cms.gov/Medicare/CMS-Forms/CMS-Forms/Downloads/CMS40B-E.pdf

Request for Employment Information - completed by individual's employer showing "proof of coverage" so there are no Part B penalties or delays.

• https://www.cms.gov/Medicare/CMS-Forms/CMS-Forms/Downloads/CMS-L564E.pdf

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(2.2) If you already have your Part B of Medicare, you just need to analyze your options for Medicare Supplements + Part D Plans (or Medicare Advantage Plans).  We can certainly help you with this exercise.  You can give us at a call at either 856-866-2020 (Moorestown Office) or 908-272-1970 (Cranford Office).


If you have further questions, you can give us a call now for a FREE consultation - 1-856-866-2020 (Moorestown Office) or  1-908-272-1970 (Cranford Office)