Turning 65 and thinking about retirement? Not sure what to do about health insurance? You’re not alone! Many people wonder if they need to enroll in Medicare when they hit that milestone, especially if they’re still working.
In this post, we’ll break down your options so you can better understand what might work best for your situation.
Key Scenarios:
1. Keep your employer coverage and enroll in Medicare Part A only
2. Keep your employer coverage and delay Medicare altogether
3. Drop your employer coverage and enroll in Medicare Part A and B
If your employer has fewer than 20 employees:
Medicare generally becomes your primary coverage at age 65. In most cases, you’ll need to enroll in both Medicare Part A and Part B, even if you’re still working.
If your employer has 20 or more employees:
You may be able to delay enrolling in Medicare Part B without penalty, as long as your group health plan is considered creditable coverage. You can also choose to enroll in Part A only, since most people qualify for it without a monthly premium.
Everyone’s situation is different. It’s important to compare your employer plan with Medicare to see which offers the best value and coverage for your needs.
A licensed, independent insurance agent can help you review:
And if you’re covered by employer insurance that meets Medicare’s standards, there’s no late enrollment penalty when you sign up later. It’s always good to double-check this before delaying enrollment.
You also have the option to only sign up for Medicare Part A which generally helps cover hospital stays, limited home health care, the first 20 days of skilled nursing care, and hospice. If you enroll in Part A while still working, it usually acts as secondary coverage to your employer plan.
Turning 65 doesn't always mean you have to retire—or enroll in full Medicare coverage right away. The right choice depends on your employer size, your current insurance, and your personal situation.
In my next post, I’ll cover what to do when you do retire - including how and when to enroll.
Reference:
SSA.gov – When to Sign Up for Medicare