I live in Orange County and lots of us are still working even after the age of 65. Many people postpone enrolling into Medicare because they are still on their employer health insurance benefits or their spouses. Below is some information that may clear up a few mysteries...
Q: What if I’m still working and on my employer group plan or my spouse’s employer plan?
A: Typically Part A (hospital), is sent to you prior to your 65th birthday. You earned it through your taxes paid. Part B (doctors, specialist, those services outside the hospital), does not need to be initialized until you leave your employer coverage. Once you leave you will need to initialize your Part B to not incur a penalty. Social Security (SS) will withdraw the premium from your monthly SS check, or if you delay your SS you can pay it directly on a quarterly basis. Medicare will begin the first of the month following your exit from the employer plan ~ no lapse in coverage.
You may also choose to activate Part B and go onto a Medicare Plan and continue working. This may be a savings to both you and possibly your employer - worth finding out. Call if you would like some help doing a comparison.
Q: Can I go onto Cobra until I can figure out all the Medicare Options?
A: Highly discouraged. Cobra does not qualify as “creditable health insurance coverage” and you will incur a penalty to pay a higher part B premium and Part D (drugs) that stays with you year after year! We are available to educate you on your options at no charge. You will be able to make a decision with your eyes wide open on your options.
Once you turn 65 you will get your Part A. If you have no other “creditable coverage” you have 3 months prior to your birthday, your birthday month and 3 months after to initialize your part B and to enroll in a supplemental plan to cover the gaps in your “Federal Medicare” plan.
Please be AWARE of any emails or phone calls you get regarding soliciting the sale of a medicare policy. Medicare is a highly regulated Federal program. Phone calls and emails are not allowed unless “you” have invited the contact.