Do You Have to Sign Up for Medicare at 65 If You Are Still Working?
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Reaching the age of 65 is a significant milestone in life, and with that comes many changes. One of the most common questions seniors have is whether or not they should sign up for Medicare at 65, even if they're still working. This topic can be confusing, and there are many factors to consider. In this video, we'll explore the details of whether or not you have to sign up for Medicare at 65 if you're still working.

First, let's address the basics of Medicare. Medicare is a federal health insurance program primarily for people over the age of 65, but it's also for younger people with certain disabilities and those with end-stage renal disease. It's divided into four parts: Part A (hospital insurance), Part B (medical insurance), Part C (Medicare Advantage), and Part D (prescription drug coverage). Most people are automatically enrolled in Part A and B when they turn 65.

Now, let's get to the question at hand. Do you have to sign up for Medicare at 65 if you're still working? The short answer is no; you don't have to sign up for Medicare if you're still working, and you can continue to receive healthcare coverage through your employer. However, some things to consider include the size of your employer and whether or not they offer healthcare coverage.

If your employer has less than 20 employees, you should sign up for Medicare when you turn 65. Medicare will be your primary insurance, and your employer insurance will be secondary. If your employer has more than 20 employees, your employer insurance will be your primary insurance, and Medicare will be secondary. In this case, you can delay signing up for Medicare until you retire or lose your employer coverage. Once you retire or lose coverage, you can enroll in Part B without penalty during a Special Enrollment Period.

It's important to note that even if you're not working at 65, you still have to enroll in Part B during your Initial Enrollment Period (IEP) to avoid late enrollment penalties. Your IEP begins three months before your 65th birthday and ends three months after your birthday month. If you miss your IEP, you may have to pay a late enrollment penalty, and your coverage will be delayed as well.

Another thing to consider is the cost of your employer insurance compared to Medicare. Medicare Part B has a monthly premium, and the cost is dependent on your income. You'll also be responsible for any copays or deductibles associated with Part B. If you're paying a significant amount for employer coverage, it may be more cost-effective to switch to Medicare.

The decision to sign up for Medicare at 65 if you're still working can be a complicated one, and it depends on many factors. If your employer has less than 20 employees, you should enroll in Part A and B when you turn 65. If your employer has more than 20 employees, you can delay enrollment in Part B until you retire or lose employer coverage. Remember, if you're not working, you still have to enroll in Part B during your IEP to avoid late enrollment penalties. Understanding the details of Medicare and your employer coverage can help you make an informed decision about your healthcare coverage at 65.

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