My wife is turning 65 in early 2019, but her health insurance is currently being handled through her employer. The company's open enrollment is in October for the coming year, so she's wondering if she just has to file with Medicare and tell them she's going to stay on her employer's plan, or does she have to still pick out some sort of Medicare coverage?
I ask because this is all greek to the both of us; I've tried reading up on Medicare and the whole thing is like trying to understand a foreign language!
How to Handle Medicare
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How to Handle Medicare
I'd rather be content than happy -- Lao Tzu.
Re: How to Handle Medicare
Does your wife's employer have over 20 employees? If it's a larger employer just sign up for Medicare Part A--no need for Part B at this time. Stay on her employers coverage. For larger health plans Medicare is a secondary payer. If you're uncertain whether her employer has over 20 employees check with the benefits person or the plan's insurance company.
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Re: How to Handle Medicare
Yes, her employer has several thousand workers. After she retires, it also has some sort of continuing coverage where it'll pitch in and pick up a certain percentage of her health insurance costs, if that makes any sense ... not sure how that might effect Medicare, either!
I'd rather be content than happy -- Lao Tzu.
- oldcomputerguy
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Re: How to Handle Medicare
The coverage she has now (while working) allows you to postpone signing up for Part B. The continuing coverage does not.BetaTracker wrote: ↑Mon Jun 11, 2018 4:56 am Yes, her employer has several thousand workers. After she retires, it also has some sort of continuing coverage where it'll pitch in and pick up a certain percentage of her health insurance costs, if that makes any sense ... not sure how that might effect Medicare, either!
https://www.medicare.gov/sign-up-change ... and-b.html
Once your Initial Enrollment Period ends, you may have the chance to sign up for Medicare during a Special Enrollment Period (SEP). If you're covered under a group health plan based on current employment, you have a SEP to sign up for Part A and/or Part B anytime as long as:
You also have an 8-month SEP to sign up for Part A and/or Part B that starts at one of these times (whichever happens first):
- You or your spouse (or family member if you're disabled) is working.
- You're covered by a group health plan through the employer or union based on that work.
Usually, you don't pay a late enrollment penalty if you sign up during a SEP.
- The month after the employment ends
- The month after group health plan insurance based on current employment ends
Note
COBRA and retiree health plans aren't considered coverage based on current employment. You're not eligible for a Special Enrollment Period when that coverage ends. This Special Enrollment Period also doesn't apply to people who are eligible for Medicare based on having End-Stage Renal Disease (ESRD).
There is only one success - to be able to spend your life in your own way. (Christopher Morley)
Re: How to Handle Medicare
If she currently contributes to an HSA don't be too quick to start Medicare part A. Once she's on Medicare, the HSA contributions need to stop even if she continues on her employer's plan and delays part B.
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Re: How to Handle Medicare
Right! I was able to "file and suspend" for SS at my FRA and my wife was then able to receive one-half of my SS benefit until I turned 70. That was a good deal for us. However, when you sign-up for SS you also have to sign-up for Medicare Part A. The next year we realized my wife was no longer eligible to select an HDHP with an HSA at work because you cannot contribute to an HSA if you are enrolled in Medicare Part A. I retired at 60 and we were both using my wife's employer-based health insurance, so we (she) had to shift to a mid-deductible plan with no HSA.
Next year my wife will retire and we will both sign-up for Medicare Part B - welcome to IRMAA!