There are many decisions to be made as a person approaches the end of their career. When to stop working, when to start getting Social Security, when to start getting other scheduled retirement payments to name just a few. Included on the to do list of decisions may also be when to start getting full Medicare health insurance coverage. If you continue to work past age 65, can you get Medicare? Should you get Medicare if you are still working, especially if you still have health insurance benefits at your job. The information in this article should help . .
Can I Get Medicare if I’m Still Working?
If you haven’t yet retired, can you still sign up for Medicare? You might be eligible for Medicare even if you’re still working. You might be interested in Medicare coverage if you have no health insurance, or feel your current insurance is inadequate – for example, if you’re:
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- Working part-time
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- Self-employed, such as a contractor
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- Sole proprietor of a business
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- Covered by an employer plan, but still want to enroll in the Medicare program
Am I eligible for Medicare if I’m still working?
You generally qualify for Medicare, working or not, if you’re an American citizen or legal permanent resident of five years in a row or more, and either of the following applies to you.
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- You’re age 65 or older
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- You qualify before age due to illness or disability. Generally, you’ll be enrolled in Medicare Part A and Part B automatically after you’ve received Social Security disability benefits for 24 months in a row. If you have amyotrophic lateral sclerosis (ALS, or Lou Gehrig’s disease), you’re usually automatically enrolled in Medicare the month you start receiving disability benefits from Social Security. You might also qualify before age 65 if you have end-stage renal disease (ESRD, or permanent kidney failure), but you’re not automatically enrolled.
In fact, you might not have to apply for Medicare benefits at all. If you’re already receiving Social Security (or Railroad Retirement Board) benefits when you turn 65, the system enrolls you in Medicare Part A and Part B automatically.
Should I sign up for Medicare if I’m still working?
If you’re qualified for Medicare, and you’re still working, it’s up to you whether you want to sign up. Many beneficiaries don’t have to pay a monthly premium for Medicare Part A (hospital insurance). That’s true for you if you’ve worked at least 10 years (40 quarters) while paying Medicare taxes. So, you may want to go ahead and sign up for Part A, or keep it if you’re automatically enrolled.
But if you’re still working and covered by an employer or union-based health insurance plan, you might want to delay enrollment in Medicare Part B (medical insurance). Most people do pay a premium for Part B every month.
If you’re automatically enrolled in Part B, you can opt out of enrollment when you get your Welcome to Medicare packet during your Initial Enrollment Period.
Be aware, though, that when you stop working, you could face a Part B late-enrollment penalty if you don’t sign up during the Special Enrollment Period that you usually get when employer coverage ends.
You may want to talk with your benefits administrator at work to make sure you have the coverage you need while you’re still working. Or, you can call Social Security at 1-800-772-1213 (TTY users, call 1-800-325-0778). Representatives are available Monday through Friday, from 7AM to 7PM, all U.S. time zones.
Article Source: Medicare.com
If you have any questions about this subject or would like to speak to us about any of your Medicare needs in regards to Medicare supplement, Medicare Advantage or Part D prescription drug plans, I would certainly be very happy to speak with you.
I am an independent agent specializing in the senior market. I would be very happy to look at your current coverage and compare it to the marketplace to make sure that you are still getting a good value. My services to you will always be FREE.
Billy Williams
800-499-1942
MedicareHealthInsuranceOptions.com
