If you plan to work past age 65, you may not be sure if it’s necessary or ideal to enroll in Medicare. If you choose to wait, you’ll miss your Initial Enrollment Period, but maybe you aren’t sure if that’s a problem.
Here’s what you need to know about getting Medicare Part B if you’re still working.
Medicare Part B For The Employed
Even if you’re still employed, you can access Medicare health benefits. People who purchase Medicare Part B while still covered by their employee health insurance will simply have extra insurance. In most cases, the employer-based coverage will be the primary plan, while Medicare will be the secondary.
Do I Need Medicare If I’m Still Employed?
You may not need to enroll in Medicare at age 65 if you’re still employed. Though, for some, it may be ideal to enroll immediately. There is a late enrollment penalty for anybody who enrolls in Medicare Part B late without qualifying for a Special Enrollment Period. The penalty is an additional 10% of the Part B premium. This penalty is applied for every 12-month period that you delay Part B enrollment.
So no, you don’t need Medicare if you’re still employed. But, if you are still employed, it may be more equitable to enroll in Part B coverage anyway. Though, you can’t be sure without knowing whether you’ll qualify for a Special Enrollment Period. To find out if you will, contact Magellan Healthcare to learn more.
When Are You Required To Enroll In Medicare Part B?
To avoid late enrollment penalties, you should enroll in Part B at the right time. These are some situations wherein employed people above age 65 must still enroll in Medicare Part B to avoid penalties:
- If your employer has less than 20 employees
- If you’re covered by a spouse’s employer
- If you’re not married but living in a domestic partnership and are covered by your partner’s employer health insurance
If you meet any of these conditions, you will not qualify for a Special Enrollment Period. Therefore, it’s best to enroll in Part B immediately to avoid late enrollment penalties.
Get Help With Medicare
Understanding how to avoid late enrollment penalties can be difficult without help. Get the assistance you need by reaching out to Magellan Healthcare. Our talented agents are waiting for your call. Contact us at 866-779-3553 to schedule a free consultation.
