Medicare Enrollment, Now or Later?
If you are turning 65 you are probably getting LOTS of mail telling you it’s time to enroll in Medicare. Depending on your situation, maybe it is, or maybe it isn’t!
If you plan to continue working past your 65th birthday and your insurance will continue through either your work or your spouse’s employment you may not need to enroll in Medicare yet. You will want to make sure your employer has more than 20 employees and if they do, you should not get a late enrollment penalty from Social Security for not enrolling in Medicare as your current insurance is probably as good or better than Medicare. Always ask your benefits provider if this is the case with your employer.
If you have a Health Savings Account through your employer and you want to keep contributing to that, you will not want to enroll in Medicare or take Social Security payments until you retire or there will be tax penalties on the contributions. Stop contributing to your HSA 6 months before your retirement if after age 65.
If you currently have a Health Marketplace (Obama Care) insurance, you will need to go on Medicare when your turn 65 as any subsidies you received to lower the cost of this coverage will end and it is not considered credible coverage instead of Medicare.
Are there too many “if’s” in deciding whether to enroll in Medicare at age 65? Then plan to attend the Welcome to Medicare program presented by Mary Loftis, Nebraska SHIP Counselor, on Thursday evening, September 18 at 7:00 pm. The meeting will be held in Oakland at the Oakland Auditorium at 401 N. Oakland Ave. Oakland, NE. There is no charge for this educational session and absolutely nothing will be marketed or sold, as SHIP (State Health Insurance Assistance Program) is part of the Nebraska Department of Insurance. Educating and assisting Medicare eligible clients is the only focus, with no charge or sales – EVER.
Get your questions answered by attending and bring a friend. Anyone in any county is invited to attend, but please pre-register by calling the Burt County Extension Office at 402-374-2929 or Mary’s Medicare phone at 402-380-9554 and leave a message, so enough materials are available.