This weekend I participated in a Healthy Lifestyle Expo event in my community and had the opportunity to answer many questions about Medicare and eligibility. It alarmed me the number of people that were 65-years old, still working, and were advised by their Human Resource Department that they were required to maintain their employer health insurance plan. THIS IS NOT TRUE!!

You have choices...

Over the years Social Security has increased the age one is eligible to receive full retirement benefits, and it has creeped up to 67-years old. The minimum age to receive Medicare benefits has NOT changed and remains 65-years old. So what does this mean?

The Law:

Large employers with at least 20 employees must offer you and your spouse the same benefits they offer younger employees and their spouses. But you get to decide what works best for you:

• Accept the employer health plan and delay Medicare enrollment.

• Decline employer coverage and rely wholly on Medicare.

• Have employer coverage and Medicare at the same time

Be aware

If you choose to enroll in both an employer group plan and Medicare Part B, the employer insurance is always primary when a large company provides it. That means it pays your medical bills first.

Medicare will pay only for services it covers that the company plan doesn’t. So unless your employer insurance doesn’t cover much, you could be paying monthly Medicare premiums with little or no return.

The Law:

Small employers with less than 20 employees are not required to offer the same insurance coverage as employers with 20 or more employees, and can require that you enroll in Medicare or lose health insurance coverage.

The Decision that is Best for You

What you decide will depend on many factors, the most pressing:

1.) Compare cost of Medicare vs. Employer plan

2.) Compare covered services of Medicare vs. Employer plan

3.) If you wish to keep your Health Savings Account HSA (seen with high-deductible plans) you can not enroll in Medicare until you have not contributed to your HSA plan for a minimum of 6-months

With more people than ever working beyond 65-years of age and the complexity of Medicare rules, it is no surprise that even your employer might not be clear of the rules.

Working, not working, retiring, not retiring...whatever you decide, the year you turn 65 is the year you start planning. Don't miss out on benefits that you have earned and are entitled to.

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Mindful Coverage, because your health matters!