If you plan to keep working after turning 65, you may consider whether you need to enroll in Medicare Part B or not. Medicare Part B covers outpatient healthcare services such as preventive screenings, ER stays, ambulance rides, doctor visits, etc.
Generally, Medicare Part B covers services you do not get while admitted as a patient in the hospital or a care facility. Many people turning 65 decide to enroll in Part B even while having health insurance from their employer so they can take advantage of the coverage. It is important to note, though, that Medicare Part B has a late enrollment penalty for enrollees who fail to enroll during their initial enrollment period. However, if you’re still working and have creditable coverage through your employer, you will qualify for a special enrollment period which will allow you to delay your Part B enrollment without facing a penalty.
When Do You Need Part B?
If Medicare offers better coverage than your employer’s health insurance plan, then enrolling in Part B is a good choice. Medicare and your group health insurance can cover more healthcare expenses compared to if you just stuck with your employer coverage. If you are eligible to delay enrollment, then you can definitely choose to either enroll in Medicare or delay your enrollment and stick with your employer’s health plan. If you work in a company with 20 or more employers, you are eligible to delay your Part B enrollment without paying any late enrollment penalty.
If your group health plan ends, then you will qualify for a special enrollment period to enable you to enroll in Medicare. However, if you work at a company with fewer than 20 employees, you will pay a late enrollment penalty if you delay your Medicare enrollment.
Overall, it is up to you to decide if you are satisfied with your employer insurance and do not want further coverage. However, it is strongly recommended to enroll in Medicare as soon as possible so you can take advantage of both types of coverage if necessary.
For more information about enrolling in Medicare Part B while still employed and covered by your employer, give us a call today. We’re here to help you make the best decisions possible so you can get the coverage you deserve.