Starting Medicare is, most of the time, a personal and individual choice. Some people may be diagnosed with an illness or disability early in life and start Medicare before age 65, but most people will start their Medicare Health Insurance at age 6. However, it’s not mandatory to start at 65. Here are some scenarios where people will delay starting Medicare.
A lot of seniors are working beyond age 65. Rising cost of living, building more retirement, unexpected expenses are just a few reasons why seniors continue to work beyond age 65. Sometimes your group employer coverage can be more “cost effective” then enrolling in Medicare.
As long as your current group coverage costs “less” than starting a Medicare plan and it’s considered “credible” coverage a defined under Medicare, you can keep your employer plan as long as you’re working. You will not be penalized by Medicare as long as your employer coverage is credible coverage.
Sometimes one spouse may be a few years younger than the other spouse and they decide to stay on their employer plan and wait until they are BOTH age 65 to start Medicare during the same year. I’d advised doing a Medicare review each year to compare the costs you’re paying for you current plan and what your costs could be under Medicare.
Whether you start Medicare at 65 or wait until later, it’s always important to build a relationship with a LOCAL agent who can help you do a comparison between your group health plan and/or a Medicare plan.
You may find that a Medicare plan can eliminate deductibles you currently have with your employer coverage. You may also discover that a Medicare plan can lower the costs of co-pays and prescription drug costs. Finally those additional costs you pay at your job for dental and vision coverage may cost less under Medicare. Reach out to a LOCAL agent today at least “three” months before you’re ready to start the Medicare enrollment process.
Ms. Lamonica Thomas is a license agent special-izing in assisting Medicare enrollment participants. Her articles will appear monthly through Decem-ber. Reach her at: La-monica Thomas <latho-mas55@gmail.com> or call 972.249.8907.
