If you’re joining the 65+ workforce, Medicare will be the very last thing in your mind. But with 65 just across the corner, there are some essential things you should know.
4 common questions about Medicare
1. Can I delay Medicare Part B enrollment?
If you have medical insurance through your employer or are covered by your spouse’s employer’s plan, you can delay enrollment in Medicare Part B, which covers medical services, without paying a penalty. Many individuals don’t join for Medicare Part B until they stop working.
When you are not covered by your employer’s (or spouse’s) plan, you could have eight months to enroll in Medicare Part B without paying a penalty.
2. How does enrolling in Medicare affect my HSA plan?
If you have a health plan through your employer and it features a savings account (HSA), enrolling in Medicare Part B or enrolling in Medicare Part A will make a difference. You may stay in your employer’s plan, but you cannot add money to your HSA after you join for Medicare.
If you are considering this feature, it’s a very good idea to seek the advice of a financial advisor. They know the ins and outs of how Medicare will affect your HSA and your taxes and will help you find the very best option.
3. When should I start planning my retirement?
Selecting a Medicare plan is usually a long process! There’s quite a bit to consider and finding the appropriate plan for you takes time. If possible, I like to recommend starting your search about six to nine months before your retirement date. This offers you enough time to take a look at the plans that interest you.
If you do not have that much time, call plan advisors at private insurance firms that interest you, or meet someone who sells plans to multiple insurance firms (called a broker or agent) one-on-one. They will help you quickly discover a plan that matches your needs and budget.
Related content: Questions to ask when purchasing a Medicare plan
4. How will my current employer’s plan work with Medicare?
If you have Medicare in addition to medical insurance as a part of your job, these plans will work together. Your work insurance will cover some services, and your Medicare plan may cover other services. If you have questions about your Medicare selections as an worker, ask for advice out of your current plan or advantages office.
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