Working past 65? Here’s what you need to know about Medicare

ApexBlog - Working Past 65

If you plan on working past 65, you’re definitely not alone! In fact, according to the Bureau of Labor Statistics (BLS), 10.6 million are still employed at age 65 or older. If you are considering retirement, you should make sure to keep your healthcare coverage and Medicare enrollment in mind. The ApexHealth team doesn’t want you to get overwhelmed with all the details, so we’d like to help point you in the right direction. We’ll present you with two scenarios and address what you need to do and when you need to do it when it comes to Medicare:

  1. If you’re still working and turning 65
  2. If you’re still working and are past 65  

I’m turning 65 and I’m still working. What do I need to know about Medicare?

First of all, happy birthday! When you turn 65, Medicare can be a great present that saves you money. Your Initial Enrollment Period (IEP) is the three months before, the month of and three months after your 65th birthday. Which scenario best applies to you?

#1: My company has less than 20 employees, or I am self-employed

We recommend that you ask your insurance provider if you have Employer Group Health Plan coverage (as defined by the IRS.) If this is not the case, here’s what you should do next:

  • Enroll in Original Medicare (Parts A and B) by contacting the Social Security Administration online, over the phone at (800) 772-1213 (TTY: (800) 325-0778) or by contacting your local Social Security office.
  • Once you’re enrolled in Original Medicare, you can also add additional coverage such as a Medigap or a Medicare Advantage plan.
  • When it comes to choosing a Medicare Advantage plan, keep in mind that benefits, provider networks and prescriptions covered vary by plan. Compare different Medicare plans to decide which is right for you.

It’s important to remember that by 65 years + 3 months, you must be enrolled in Original Medicare to avoid penalties.

#2: My company has 21 or more employees

If you plan on working past 65, you should be able to keep your employer’s health plan if you want. However, parts of Medicare could save you money, or it could make sense to completely switch to a Medicare plan. What can you do to make sure you’re making the right decisions? Here are some suggestions:

  • Talk to your employer about your current coverage and what your costs will be once you turn 65.
  • Learn about the different types of Medicare. (Here’s a quick overview.)
  • Call an ApexAssistant and let us help you determine what makes the most sense for you.
  • Enroll in Original Medicare (Parts A and B) by contacting the Social Security Administration. (Even if you keep working past 65 and are covered by your employer, you must enroll in Original Medicare.)
  • By 65 years + 3 months, you must be enrolled in Original Medicare to avoid penalties. (We talk about avoiding the Part B penalty in a previous blog post.)
  • Starting three months before you retire, enroll in the Medicare plan of your choice.

I’m past age 65 and I’m still working. What do I need to know about Medicare?

We support your decision to keep working past the age of 65 – keep on keeping on! You may still be on your employer’s health care, which is great. But there are still some things you can do now to get ready for Medicare:

  • Learn about the different types of Medicare so you know your options. (Here’s a quick intro to Medicare.)
  • Chat with an ApexAssistant to find out if a Medicare Advantage plan makes more sense for you.
  • Make sure you start thinking about Medicare coverage at least three months before you retire. (Learn more about the Medicare timeline from a previous blog post.) 

Do you still have questions? Our ApexAssistants have answers… and lots of other information you might want to know. Give us a call at (844) 279-0508 (TTY: 711). Our hours of operation are Monday through Friday 8 a.m. – 8 p.m. (local time) from Apr. 1 through Sept. 30 and seven days a week 8 a.m. – 8 p.m. (local time) from Oct. 1 through Mar. 31.


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