Do I Need to Sign-Up for Medicare If I’m Still Working?WATCH SEGMENT ON KFOR-TV The rules for enrolling in Medicare can be very confusing with all the different choices available today, but if you postpone retirement past age 65, as many people are doing, it becomes even more complicated. Do I need Medicare if I’m retired and working? is one of the most common questions facing Medicare counselors today. The answer: It depends on your employer. First, let’s review the basics. Remember that original Medicare has two parts: Part A, which provides hospital coverage and is free for most people. And Part B, which covers doctor’s bills, lab tests and outpatient care. Part B also has a monthly premium, which is $148.50 for most beneficiaries in 2021, but is higher for individuals earning above $88,000. If you’re already receiving Social Security, you’ll automatically be enrolled in parts A and B when you turn 65, and you’ll receive your Medicare card in the mail. It will include instructions to return it if you have work coverage that qualifies you for late enrollment. If you aren’t yet receiving Social Security, you will have to apply, which you can do online at SSA.gov/medicare. If you plan to continue working past the age of 65 and have health insurance from your job, your first step is to ask your benefits manager or human resources department how your employer insurance works with Medicare. In most cases, you should at least take Medicare Part A because it’s free. (Note: If you’re funding a health savings account you may not want to take Part A because you can’t make contributions after you enroll). But to decide whether to take Part B or not will depend on the size of your employer.
Small Employer If you miss the seven-month sign-up window, you’ll have to wait until the next general enrollment period, which runs from Jan. 1 to March 31 with benefits beginning the following July 1. You’ll also incur a 10 percent penalty for each year you wait beyond your initial enrollment period, which will be tacked on to your monthly Part B premium.
Large Employer Once your employment or group health coverage ends, you will then have eight months to sign up for Part B without a penalty. This is known as the Special Enrollment Period.
Check Drug Coverage If you have more questions or need help, contact the Oklahoma Senior Health Insurance Counseling Program, which offers free Medicare counseling. To find a local counselor call 800-763-2828. |