No, as long as you follow Medicare’s rules. Almost anybody who is retired but has group health coverage from the employer of a spouse who is still working does not need to sign up for Medicare Part B on reaching 65.
Do I need Medicare at 65 if I have other health insurance?
Do I Need to Sign Up for Medicare at 65 if I Have Other Health Insurance? The short answer: It depends. Matt is a Certified Financial Planner based in South Carolina who has been writing for The Motley Fool since 2012. Matt specializes in writing about bank stocks, REITs, and personal finance, but he loves any investment at the right price.
What happens to Medicare Parts A and B when you turn 65?
It's also important to note that regardless of whether you're still working or not, if you've already signed up for Social Security benefits, you'll be automatically enrolled in Medicare Parts A and B when you turn 65. If you don't want to keep Part B, you'll need to cancel it (instructions are on the Medicare card you'll receive).
Should I take Medicare at 65 or wait for 2021?
As long as you’re 65, Medicare will take your money and give you coverage — even if you’re still employed and covered by health insurance. So if you want your coverage to begin in Feb 2021, that’s your decision. 0 Reply Micaela C. Ayers 1 year ago Reply to Maurie Backman ‘cease in July’ …
Do I have to get Medicare if I'm covered by my spouse's plan?
Do I Have to Get Medicare If I’m Covered by My Spouse’s Employer Plan? Most people are first eligible to sign up for Medicare when they turn 65, and many choose to enroll during this time. For individuals who are covered by a spouse’s employer health care plan, it may not be necessary, or ideal, to enroll in Medicare immediately upon turning 65.
Can you have Medicare and employer insurance at the same time?
Yes, you can have both Medicare and employer-provided health insurance. In most cases, you will become eligible for Medicare coverage when you turn 65, even if you are still working and enrolled in your employer's health plan.
Can I decline Medicare at 65?
If you keep working beyond age 65, you may have health insurance through your employer or have purchased a plan outside of Medicare. In this case, you may choose to refuse Medicare coverage. However, delaying enrollment can add extra costs or penalties down the road.
What happens if you don't enroll in Medicare Part A at 65?
If you have to buy Part A, and you don't buy it when you're first eligible for Medicare, your monthly premium may go up 10%. You'll have to pay the higher premium for twice the number of years you didn't sign up.
Do I have to switch to Medicare when I turn 65?
As long as you have group health insurance from an employer for which you or your spouse actively works after you turn 65, you can delay enrolling in Medicare until the employment ends or the coverage stops (whichever happens first), without incurring any late penalties if you enroll later.
Can I drop my employer health insurance and go on Medicare?
You can keep your employer plan and sign up for Medicare Part A. You can keep your employer plan and sign up for Medicare Part A, and decide if you want to pick up B, D, and/or a Medigap Plan. Most people don't sign up for Parts B and D, because they have a monthly premium.
Do I have to enroll in Medicare?
Many people are working past age 65, so how does Medicare fit in? It is mandatory to sign up for Medicare Part A once you enroll in Social Security. The two are permanently linked. However, Medicare Parts B, C, and D are optional and you can delay enrollment if you have creditable coverage.
Does Medicare coverage start the month you turn 65?
The date your coverage starts depends on which month you sign up during your Initial Enrollment Period. Coverage always starts on the first of the month. If you qualify for Premium-free Part A: Your Part A coverage starts the month you turn 65.
What happens if you don't enroll in Medicare?
If you didn't get Part B when you're first eligible, your monthly premium may go up 10% for each 12-month period you could've had Part B, but didn't sign up. In most cases, you'll have to pay this penalty each time you pay your premiums, for as long as you have Part B.
Can I get Medicare Part B for free?
While Medicare Part A – which covers hospital care – is free for most enrollees, Part B – which covers doctor visits, diagnostics, and preventive care – charges participants a premium. Those premiums are a burden for many seniors, but here's how you can pay less for them.
How do I delay Medicare enrollment?
However, if you have to pay a premium for Part A, you can delay Part A until you (or your spouse) stop working or lose that employer coverage. You will NOT pay a penalty for delaying Part A, as long as you enroll within 8 months of losing your coverage or stopping work (whichever happens first).
What documents do I need to apply for Medicare?
What documents do I need to enroll in Medicare?your Social Security number.your date and place of birth.your citizenship status.the name and Social Security number of your current spouse and any former spouses.the date and place of any marriages or divorces you've had.More items...
Do you have to re enroll in Medicare every year?
In general, once you're enrolled in Medicare, you don't need to take action to renew your coverage every year. This is true whether you are in Original Medicare, a Medicare Advantage plan, or a Medicare prescription drug plan.
How Medicare Works With Your Other Insurance
When you have more than one insurance provider, there are certain rules that determine who pays what it owes first and who pays based on the remain...
Who Can Delay Signing Up For Medicare?
So, whose insurance remains the primary payer? In a nutshell, if you have coverage through your or your spouse's current employment, and the employ...
Who Should Sign Up at 65, Even If They Have Other Insurance?
This leaves a fairly long list of other types of insurance that become secondary payers to Medicare. Therefore, if you're turning 65 and any of the...
How long can you delay Medicare?
As long as you have group health insurance from an employer for which you or your spouse actively works after you turn 65, you can delay enrolling in Medicare until the employment ends or the coverage stops (whichever happens first), without incurring any late penalties if you enroll later. When the employer-tied coverage ends, you’re entitled to a special enrollment period of up to eight months to sign up for Medicare.
How many employees do you need to be to receive Medicare?
The law requires a large employer — one with at least 20 employees — to offer you (and your spouse) the same benefits that it offers to younger employees (and their spouses). It is entirely your choice (not the employer’s) whether to: accept the employer health plan and delay Medicare enrollment.
What happens if you don't sign up for Medicare?
Therefore, if you fail to sign up for Medicare when required, you will essentially be left with no coverage. It’s therefore extremely important to ask the employer whether you are required to sign up for Medicare when you turn 65 or receive Medicare on the basis of disability.
Can you sell a Medigap policy?
Insurance companies are prohibited from refusing to sell you a Medigap policy or charge higher premiums based on your health or preexisting medical conditions, if you buy the policy within six months of enrolling in Part B. Outside of that six-month window, except in very limited circumstances, they can do both.
Is Medicare Part B primary or group?
If you enroll in both the group plan and Medicare Part B, be aware of the consequences. In this situation, the employer plan is always primary, meaning that it settles medical bills first and Medicare only pays for services that it covers but the employer plan doesn’t.
Can you delay Medicare enrollment?
You can’t delay Medicare enrollment without penalty if your employer-sponsored coverage comes from retiree benefits or COBRA — by definition, these do not count as active employment. Nor does it count if you work beyond 65 but rely on retiree benefits from a former employer.
How long do you have to sign up for Medicare if you are still working?
Once the employment or your employer-based health coverage ends, you'll have eight months to sign up for Medicare Part B ...
What happens if you don't sign up for Medicare Part B?
If one of these situations applies to you and you don't sign up for Medicare Part B during your initial enrollment period, you could face permanently higher premiums when you do. The Motley Fool has a disclosure policy. Prev. 1. 2. 3.
How much does Medicare Part B cost?
On the other hand, Medicare Part B has a monthly premium you'll have to pay ($134 per month for most new beneficiaries in 2018), which is why it can make sense to delay signing up if it's not going to be your primary insurance.
What is the age limit for Medicare?
The standard eligibility age for Medicare in the United States is 65. However, many people don't know if they need to sign up for Medicare if they already have other health insurance coverage, such as through a job, a spouse's employer, from their former employer, or through COBRA.
Do you have to get Medicare if you are retired?
Retired service members must get Medicare Part B when eligible in order to keep their TRICARE coverage. (Note: If you're still on active duty, you don't have to enroll in Medicare until after you retire.) You have veterans' benefits. You have coverage through the healthcare marketplace or have other private insurance.
Can Medicare be a primary payer?
Depending on the type of insurance you have (group coverage, retiree coverage, COBRA, marketplace coverage, etc.), Medicare can either be the primary or the seconda ry payer. If Medicare would be a secondary payer to your current insurance, you can delay signing up for Medicare Part B.
Does Medicare pay for seniors who don't have other insurance?
How Medicare works with your other insurance. When you have more than one insurance provider, there are certain rules that determine who pays what it owes first and who pays based on the remaining balance. For seniors who don't have other insurance, Medicare is obviously the primary payer.
How long does it take to get Medicare?
Learn how to make sure they have health insurance once you’re enrolled. Medicare eligibility starts at age 65. Your initial window to enroll is the seven-month period that begins three months before the month of your 65th birthday and ends three months after it. Seniors are generally advised to sign up on time to avoid penalties ...
What happens if you don't sign up for Medicare?
Specifically, if you fail to sign up for Medicare on time, you’ll risk a 10 percent surcharge on your Medicare Part B premiums for each year-long period you go without coverage upon being eligible.
When do you get Medicare if you leave your job?
In that case, you’ll get an eight-month special enrollment period to sign up for Medicare if and when you leave your job or your employer stops offering coverage. It will start the month after you separate from your employer, or the month after your group health coverage ends – whichever happens sooner.
Does Medicare pay for Part A?
That said, it often pays to enroll in Medicare Part A on time even if you have health coverage already. It won’t cost you anything, and this way, Medicare can serve as your secondary insurance and potentially pick up the tab for anything your primary insurance (in this case, your work health plan) doesn’t cover.
Do you have to double up on Medicare?
No need to double up on coverage. Many seniors are no longer employed at age 65, and thus rush to sign up for Medicare as soon as they’re able. But if you’re still working at 65, and you have coverage under a group health plan through an employer with 20 employees or more, then you don’t have to enroll in Medicare right now.
Do You Have to Sign up For Medicare if You Are Still Working?
The most common reason for people not signing up for Medicare when they turn 65 is because they are still working. Because they’re still working, they’re likely covered under their employer’s health insurance plan and are also unlikely to be collecting Social Security retirement benefits.
Can I Get Social Security and Not Sign up for Medicare?
Yes and no. Medicare Part B is optional. If you’re automatically enrolled in Medicare Part A, you will be automatically enrolled in Part B and then given the option of opting out. You may still continue to receive your Social Security benefits without having Part B.