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If you are over 65 and still working, you have a few options regarding your health insurance. Understanding how Medicare interacts with your employer's insurance is crucial. Here's a breakdown:
Medicare and Employer Insurance When You're Over 65
When you reach age 65, you become eligible for Medicare. However, if you are still employed and have health insurance through your employer, you might wonder which coverage to use.
When Your Employer Has Fewer Than 20 Employees:
If your employer has fewer than 20 employees, Medicare is typically considered primary coverage. This means you should enroll in Medicare Parts A and B. Your employer's insurance will then act as secondary coverage.
When Your Employer Has 20 or More Employees:
If your employer has 20 or more employees, your employer's health insurance is usually considered primary. In this case, you can choose to delay enrolling in Medicare Part B without incurring late enrollment penalties. You will still want to enroll in Medicare Part A, as it is generally premium-free.
Key Considerations:
- Enrollment Periods: Be aware of Medicare's enrollment periods to avoid late penalties.
- COBRA: If you lose your employer coverage, COBRA may be an option, but understand how it interacts with Medicare.
- Spouse's Coverage: If your spouse is covered by an employer plan, their situation also matters.
- High Deductible Health Plans (HDHPs): If you have an HDHP with a Health Savings Account (HSA), enrolling in Medicare Part A can affect your eligibility to contribute to your HSA.
When to Seek Care:
Always understand which insurance is primary for your specific situation. Consult with your employer's HR department and Medicare.gov for personalized guidance.
