We Care Insurance for Employers
In today’s evolving landscape, the role of health insurance has transformed significantly. Gone are the days when employees solely relied on it during times of illness. Instead, there is a growing reliance on our guidance to lead healthier lives and make informed health decisions. We understand that as an employer, providing comprehensive health coverage for retirement may not always be feasible. That’s precisely why we have developed a streamlined solution tailored to business owners like you. Our aim is to empower you to equip your esteemed employees with the essential information necessary to plan for a healthy and fulfilling retirement journey. By partnering with us, you can ensure that your workforce has the support they need to embrace a brighter and more secure future.
Frequently Asked Questions
When I turn 65 do I have to get Medicare, or can I wait until I retire?
You can delay Medicare Part B enrollment if you have employer-sponsored “creditable” health coverage while still working. Apply for Part A at age 65, which has no premium, and wait until retirement, loss of employer coverage, or cessation of work to apply for Part B. Submit your Part B application at least three months before the desired effective date. Part B has a base monthly premium of $144.60, subject to income-based variations. Can you keep employer coverage after turning 65 if your family is covered? Can you have both employer coverage and Medicare? Will there be penalties if you wait to get Medicare after 65?
When I turn 65, can I keep my employer coverage because my family is covered?
Certainly! At the age of 65, you have the option to apply for Medicare Part A. If you choose to delay enrolling in Part B, you can do so and apply at a later time. When applying for Part B, you will need to provide a completed form, CMS-L564E, which verifies that you had “creditable” coverage from the time you turned 65 until your requested effective date for Part B.
Can I have both employer coverage and Medicare?
Certainly!
If you are employed by a company with fewer than 20 employees, Medicare will be your primary coverage, while your employer’s coverage will act as secondary or supplemental insurance. In the case where your employer’s coverage includes “creditable” medication coverage, there is no need to purchase a separate Medication or Part D plan. However, if the coverage is not deemed “creditable,” it will be necessary to obtain a stand-alone Part D Plan (PDP) and pay the corresponding monthly premium.
For those working for larger employers (more than 20 employees), Medicare will serve as secondary coverage. Your employer’s plan will take precedence and cover expenses such as deductibles and co-payments.
If I wait to get Medicare until after 65, will I get penalized?
Applying for Medicare Part A and B during your Initial Enrollment Period is crucial to avoid potential penalties imposed by Social Security. This enrollment period spans 3 months prior to your 65th birthday, the month of your birthday, and 3 months following your birthday month.
However, it’s important to note that you will not face penalties if you did not apply for Part A and/or Part B due to having creditable employer coverage. In such cases, you will be required to submit the CMS-L564E form as evidence of your coverage throughout the entire period following your Initial Enrollment period.
Should you have any further inquiries, please feel free to reach out to us.
Have Any Question?
We’re here to help. Contact us anytime and we’ll get back to you soon.