On the job after 65?

A lot of New Yorkers keep on working when they are 65 and older. Some by choice, others to earn more money. In either case, you can start to get Medicare benefits once you turn 65.

For many people, working past 65 brings up big questions:

Should I keep my plan at work or switch to Medicare? 

Can I join both programs?

The answers are not so easy and can get harder as your needs change with age. MetroPlusHealth can walk you through the Medicare basics. And we can help you figure out if you should join Medicare now.

There are reasons both to stick with the workplace plan you have already, and to choose Medicare coverage:

● Many people can get free Medicare Part A coverage. That means hospital stays and surgery are fully covered. If you don’t get these things in your plan at work, you may want to join Medicare Part A once your “IEP” (initial enrollment period) starts.

● Larger companies (20+ employees) have to let you keep your active insurance after you turn 65. But if you work for a smaller company, you may need to join a Medicare plan to stay covered. (This kind of plan can actually help you save on the cost of coverage.) Be sure to ask your employer about it.

● Do you get your health insurance through your spouse? Then you can sign up for Medicare after your spouse stops working. You will have an “SEP” (Special Enrollment Period) of up to eight months to enroll in Medicare Part A.

● If you stay on your company’s insurance and enroll in Medicare Part B, your company plan will still “pay primary.” When you join Part B, you will most often pay a premium. It could add to what you already pay – either a full or partial premium — for your insurance at work. You may then want to wait to enroll in Part B. Keep these facts in mind, all the more so if your workplace plan doesn’t cover many things.

Yes, it is a lot to think about. So don’t wait to reach out to us: We can help make your choice easier. Call us at 855.591.2941, or email [email protected].

*Source: Bureau of Labor Statistics (Forbes)