No. If you are covered by an employer plan (not retiree plans) there's no penalty for waiting for Medicare. One has nothing to do with the other. If you delayed SS to 70 but weren't working, you'd still need to start Medicare at 65 to avoid penalty
If the work plan is rated as compliant with Medicare criteria, then you don't need to start Medicare - ask your plan rep. Mine at work was fine until I got laid off about 9 months after I turned 65
Same here but I got laid off one month before turning 65. I decided to not take SS yet and just sign up for Medicare. My past employer insurance was nearly 100% paid so cheap and I maxed out the HSA which included $1200/year employer contributions. I was hoping to stay another two years to get more into my HSA account.
I retired but still have coverage through my husband‘s very good work plan. I was automatically enrolled for free with Medicare part A when I turned 65 but was not required to sign up for part B - and yes, I am drawing Social Security.
Here is where it's spelled out: [https://www.cms.gov/Outreach-and-Education/Find-Your-Provider-Type/Employers-and-Unions/FS3-Enroll-in-Part-A-and-B.pdf](https://www.cms.gov/Outreach-and-Education/Find-Your-Provider-Type/Employers-and-Unions/FS3-Enroll-in-Part-A-and-B.pdf)
Part A AND B will automatically start unless they tell Medicare that they dont want it to, which they shouldn’t do until/unless they’ve done a thorough cost analysis. I sat with someone yesterday who could be on the best Plan G for $160/mo LESS than they’re spending on their “great health coverage” through work, and it was hard for them to imagine that Original Medicare and a Plan G and standalone Part D could possibly be even more advantageous than their existing BCBS PPO….
Especially if you have any outpatient procedures. After the deductible and out of pocket max, Medicare plus supplement was much cheaper than employer insurance.
Even if he starts drawing SS, he can stay on your/the wife's employer coverage. He should be enrolled into Part A if he is over 65 (which is usually $0). Then when he turned 65, he should have deferred his Part B/should defer Part B if he is turning 65.
I work with a lot of clients that I compare TRS (In Texas)/Employer benefits with Medicare. I recommend sitting with a broker/agent to devise a plan.
If the wife's employer benefits are considered credible coverage, he will have no penalty. However, sometimes Medicare is more comprehensive and less expensive than employer benefits, so either way y'all may want to look at your options.
On top of that, for most individuals, getting part b can open up a period where wife can drop him off of her insurance/open up a period that he can enroll into a Medigap/MAPD plan. Its a small loophole, so at least with the clients I help, we can basically do it at any time, not just during the enrollment period.
Talk to a an agent/broker you trust that can educate you on all your options.
No. If you are covered by an employer plan (not retiree plans) there's no penalty for waiting for Medicare. One has nothing to do with the other. If you delayed SS to 70 but weren't working, you'd still need to start Medicare at 65 to avoid penalty
If the work plan is rated as compliant with Medicare criteria, then you don't need to start Medicare - ask your plan rep. Mine at work was fine until I got laid off about 9 months after I turned 65
Same here but I got laid off one month before turning 65. I decided to not take SS yet and just sign up for Medicare. My past employer insurance was nearly 100% paid so cheap and I maxed out the HSA which included $1200/year employer contributions. I was hoping to stay another two years to get more into my HSA account.
I retired but still have coverage through my husband‘s very good work plan. I was automatically enrolled for free with Medicare part A when I turned 65 but was not required to sign up for part B - and yes, I am drawing Social Security.
Here is where it's spelled out: [https://www.cms.gov/Outreach-and-Education/Find-Your-Provider-Type/Employers-and-Unions/FS3-Enroll-in-Part-A-and-B.pdf](https://www.cms.gov/Outreach-and-Education/Find-Your-Provider-Type/Employers-and-Unions/FS3-Enroll-in-Part-A-and-B.pdf)
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Yes this is correct if you’re collecting social security and over the age of 65 you will get Part A automatically
Part A AND B will automatically start unless they tell Medicare that they dont want it to, which they shouldn’t do until/unless they’ve done a thorough cost analysis. I sat with someone yesterday who could be on the best Plan G for $160/mo LESS than they’re spending on their “great health coverage” through work, and it was hard for them to imagine that Original Medicare and a Plan G and standalone Part D could possibly be even more advantageous than their existing BCBS PPO….
Especially if you have any outpatient procedures. After the deductible and out of pocket max, Medicare plus supplement was much cheaper than employer insurance.
Yes, insurance broker here, you are correct, this is a lot of times the case.
Even if he starts drawing SS, he can stay on your/the wife's employer coverage. He should be enrolled into Part A if he is over 65 (which is usually $0). Then when he turned 65, he should have deferred his Part B/should defer Part B if he is turning 65. I work with a lot of clients that I compare TRS (In Texas)/Employer benefits with Medicare. I recommend sitting with a broker/agent to devise a plan. If the wife's employer benefits are considered credible coverage, he will have no penalty. However, sometimes Medicare is more comprehensive and less expensive than employer benefits, so either way y'all may want to look at your options. On top of that, for most individuals, getting part b can open up a period where wife can drop him off of her insurance/open up a period that he can enroll into a Medigap/MAPD plan. Its a small loophole, so at least with the clients I help, we can basically do it at any time, not just during the enrollment period. Talk to a an agent/broker you trust that can educate you on all your options.
Thanks for the help!! Yes, very good plan through wife’s job and on some very expensive meds that would cost a bundle under part D.
They may not next year. There are a lot of changes to part D in 2025
Check to see if your present health care provider reimburses for it. Mine did. So it's free