:information_source:Working past age 65? You may not need to enroll in Medicare right away.
:calendar:Delaying Medicare without penalty is possible if you have employer-based health insurance.
:medical_symbol:Medicare Part A is usually premium-free, but Part B has a monthly cost.
:warning:Delaying Part B may affect your Medicare supplement or Medicare Advantage plan options later on.
:pill:Employer-based health insurance that covers prescriptions counts as creditable coverage for Part D.
How do I let Medicare know that I want to delay coverage if I'm still working?
—If you are not yet collecting Social Security benefits and plan to keep your employer health insurance plan, you don't need to enroll in Medicare. There is no need to inform Medicare if you're not enrolling in Parts A and B.
What do I do when I am ready to retire and enroll in Medicare?
—When you are ready to retire or come off of your employer plan, you can apply and enroll in Medicare Part B. You have a special enrollment period to do this without penalties. You can apply online or submit the necessary forms to your local Social Security office.
Is my employer insurance creditable for Part D as well?
—If your employer's health insurance coverage also covers prescriptions, it is considered creditable coverage for Part D. You can delay your Part D enrollment without penalties. However, when you retire or leave the employer plan, you have a special enrollment period to enroll in a Part D plan.
How does delaying Medicare impact my ability to enroll in a Medicare Supplement or Medicare Advantage plan later on?
—Delaying Medicare Part B enrollment affects your Medicare supplement open enrollment period. It starts when you enroll in Part B. Similarly, when you retire or leave the employer plan, you have a special enrollment period to choose a Medicare Advantage plan.
What are the penalties for late Medicare enrollment?
—The penalties for late Medicare enrollment vary. For Part B, there is a 10% penalty for every 12 months without creditable coverage. For Part D, the penalty is 1% per month without creditable coverage. It's important to enroll in Medicare at the right time to avoid penalties.
00:00This video provides a comprehensive guide to Medicare for seniors working past age 65.
02:39Medicare Part A and Part B are the two components of traditional Medicare.
03:30Employer-based health insurance can delay Medicare enrollment without penalties.
05:02Medicare Part B carries a monthly cost and coordination with employer plans may be limited.
06:24Medicare Part D covers prescriptions, and creditable employer coverage can avoid penalties.
10:45Retiring or leaving employer coverage triggers special enrollment periods for Medicare.
11:46The video answers common questions about delaying Medicare and its impact on coverage.
