Most people become eligible for Medicare when they turn 65. But it’s never too early to look into your Medicare options. And if someone you know is turning 65, they may need help understanding Medicare.
It’s time to find the right Medicare plan. You can enroll in Medicare three months before you turn 65. Now is the perfect time to choose the Medicare plan that fits your life and health care needs.
Medicare enrollment doesn’t automatically happen when you turn 65. You can enroll anytime during your Initial Enrollment Period (IEP).
Initial Enrollment Period (IEP)
- Starts 3 months before the month you turn 65
- Includes the month you turn 65
- Ends 3 months after the month you turn 65
We can help you enroll during your IEP so you can relax and enjoy extra savings and health and wellness benefits.
Avoid the Late Enrollment Penalty (LEP)
If you don’t enroll in Part B and Part D coverage when you’re first eligible, you may have to pay a late enrollment penalty. There are some special circumstances where you can enroll after 65. For example, if you’re still working and have group health insurance through your employer, you may be able to wait to enroll in Medicare.
Working after you turn 65 doesn’t mean you should delay your Medicare enrollment. If you have a group health plan through your employer, a Medicare plan could work with your coverage and pay for services your employer’s health insurance doesn’t cover.
- Even if you’re still working, consider enrolling in Medicare Part A. For most people, there is no monthly premium for Part A coverage. But if you’re required to pay a monthly premium for Part A, you may end up with a higher monthly premium if you don’t sign up when you become eligible.
- Your options for Medicare Part B enrollment vary depending on the size of your employer. Generally, if your employer has fewer than 20 employees, Medicare will be your primary insurance. So, you may need to enroll in Medicare Part B during your Initial Enrollment Period. But if your employer has 20 or more employees, your group health plan will be your primary insurance. This means you may have more options, including delaying enrollment or having both your employer coverage and Medicare.
Check with your company’s human resources department to see if you should sign up for Parts A and B during your Initial Enrollment Period.
Important facts about working past 65 and Medicare
- You can enroll in Medicare and still work full-time. You can have a health plan insurance through your employer and Medicare at the same time. One will be your primary insurance and the other will be secondary.
- Talk to your company’s human resources department before making any decisions. Signing up for Medicare, even just Part A, could affect your Health Savings Account (HSA).
- If you lose employer coverage, you will have a Special Enrollment Period (SEP) for Medicare that lasts 8 months. You may enroll in Original Medicare (Parts A and B) during this entire period. However, you can only enroll in a Medicare Advantage or Part D prescription drug plan during the first two months.
- If you become eligible for COBRA after you enroll in Original Medicare (Parts A and B), you can use COBRA with Medicare.