Should you apply for Medicare if you are covered under an employer group health insurance plan? Fox News answers your question.
I plan on working until age 68, and my employer offers health insurance. Do I still apply for Medicare? — Kim
Dear Insurance Adviser, I am 69 years old and have health insurance under my wife’s plan. I am not using Medicare. Should I apply for Medicare now, even though I don’t need it at this time? — Robert
Many Americans are continuing to work past age 65. The question that often arises is: Should you take Parts B and D — both of which you’d have to pay for? If you don’t take them at age 65, when you have an open enrollment period, will you be penalized or perhaps not have pre-existing conditions covered if you sign up later?
The answer is generally no, if the reason for the delay is that you have health insurance at work. When you leave that coverage for whatever reason, you will have a full Medicare open enrollment available to you as if you were 65 — with no penalties at all. As a general rule, if your employer is paying your health care premiums, you’re usually better off deferring your enrollment in Medicare parts B and D until you no longer have group insurance, or until you retire.
When Should I Apply for Medicare?
You should apply for Medicare Part A when you turn 65 regardless of any other coverage, including through an employer group health insurance plan.
I recommend that you talk to a health insurance agent or financial planner who is an expert on Medicare and Medicare products for help with the pros and cons of your personal decision.
+Bob Vineyard at Georgia Medicare Plans will be happy to answer any questions you have about when to “#apply for Medicare” and what your options are for Medicare supplement insurance. Compare Medigap rates and find out which plan is best for you.