Many of us continue to work, and we get unlimited employer coverage insurance from our employer even though we are turning 65 and Medicare-eligible. Here are some things to consider.
Do I Have To Go On Unlimited Employer Coverage?
Maybe. The first thing to consider is Whether my employer has 20 or more employees.
Over 20-
You are not required to sign up for Medicare. The coverage is as good if not better than Medicare’s, and Medicare is a secondary payer. Most people sign up for Part A (Hospital) coverage because 1) it’s Free (for most of us) and 2) Whatever your company plan doesn’t pay, Medicare will pick up. Since most employer plans come with an employee contribution, it’s a good idea to compare costs with going on Medicare and the available health plans that go with it. Sometimes, the employer plan isn’t such a good deal, and sometimes, it pays to take the covered spouse off of the company plan. Medicare is cheaper, and the health plan premium contribution goes down as well.
Under 20-
You will have to sign up for Medicare Parts A and B. You will also have to make sure your Rx Plan is considered creditable to avoid a penalty.
Mike Miligi- Owner- Michael M Insurance Services
For over 10 years, Mike has been assisting Seniors and other Medicare-eligible individuals in understanding the ins and outs of Medicare and Medicare Health Insurance options, including Medicare Advantage Plans(Part C), Medicare Supplement Plans(Medigap), Prescription Drug Plans(PartD) and Dental and Vision programs.
Mike is Licensed in 7 States and Certified with 11 Insurance Carriers and has helped thousands of individuals decide on the best course of action for their particular Health Insurance needs. Because Mike is an Independent Medicare Health Insurance Broker, he works for the client, not the Insurance Carriers and can provide his clients with accurate and unbiased Health Insurance options.
