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Medicare Decisions for Those Who Don’t Retire at 65
You might think that delaying retirement also delays your Medicare planning. But that’s not exactly true. There are still a few things to consider as you reach age 65.
Medicare Decisions for Those
Who Don’t Retire at 65
What you need to do now if you plan to keep working
If you’re approaching Medicare age, you should talk to your employer or benefit administrator now. That’s the best way to understand your options once you turn 65. Your benefit administrator can explain the timing of your enrollment and how your retiree coverage will work with Medicare.
SPEAKER 1: Technically, your enrollment period goes from three months before and three months after you're 65th birthday month. But since you're still working, you can enroll when you retire. If I can finally, convince you to retire already, you'd need to sign up before your initial enrollment period ends because there are only certain times of year you can enroll in different Medicare plans.
SPEAKER 2: I see.
SPEAKER 1: Maybe it's best to decide if you want to retire now-- pick a plan or keep working the 9 to 5.
SPEAKER 2: I just love my job, so I think I'd like to work longer.
SPEAKER 1: Well, you now have more factors to consider. Do you know if your job requires you to get on a Medicare plan at 65? Or can you wait until you retire and stay on your current plan?
SPEAKER 2: I'd better find out. Without you, I don't know how I'd ever keep all of this straight.
[MUSIC PLAYING]
Consider Medicare Part A enrollment
If your employer does not require you to take full benefits, you may still want to enroll in Medicare Part A. As long as you or your spouse paid Medicare taxes for at least 10 years while working, you qualify for free Part A. You will have 8 months to enroll in Medicare once you stop working OR your employer coverage ends (whichever happens first). But you’ll want to plan ahead and contact Social Security before your employer coverage ends, so you don’t have a gap in coverage.
However, make that decision about enrolling in Part A carefully. Because once you enroll in Medicare, you can no longer contribute to a Health Savings Account (HSA). If you have a high deductible health plan and an HSA account that you want to keep funding, you should delay enrolling in Part A.
Important: You may have heard about penalties for late enrollment in Medicare. In most cases those won’t apply if you’re still working and covered by a group health plan, at a workplace with 20 or more employees, that includes creditable prescription drug coverage or if you qualify for free Medicare Part A.
For answers to other common Medicare questions, please read this article:
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