Should I enroll in Medicare if I still work full time past 65?
Should I enroll in Medicare if I still work full time past 65? Should You Stay on Employer Insurance or Switch to Medicare After 65? Confused about Medicare and employer insurance after age 65? In this video, Jae Oh, author of Maximize Your Medicare, explores the factors to consider when making this important decision; Should you stay on Employer Insurance or switch to Medicare after 65?
Key Takeaways
- You can delay Medicare enrollment if you're a full-time employee covered by employer-sponsored insurance, but this option changes immediately if your employment or coverage status changes
- Compare out-of-pocket maximums between your employer plan and Medicare Advantage plans, as Medicare Advantage can sometimes offer notably lower maximums for substantial healthcare users
- Verify that your preferred healthcare providers accept the specific Medicare Advantage plan you're considering, as provider networks vary significantly between plans and employer-sponsored coverage
- High-income earners may face Medicare IRMAA (Income-Related Monthly Adjustment Amounts), which reshuffles the financial math and should be factored into the enrollment decision
- Consult a qualified financial planner or benefits counselor to evaluate how variables like spouse Medicare eligibility, the Affordable Care Act, and tax credits interact with your specific situation
Should I enroll in Medicare if I still work full time past 65? Should You Stay on Employer Insurance or Switch to Medicare After 65? Confused about Medicare and employer insurance after age 65? In this video, Jae Oh, author of Maximize Your Medicare, explores the factors to consider when making this important decision; Should you stay on Employer Insurance or switch to Medicare after 65? Should I enroll in Medicare if I still work full time past 65?
Key considerations:
- Cost: Employer plans may be cheaper, especially if they heavily subsidize premiums. However, Medicare Advantage plans can have lower out-of-pocket maximums.
- Network: Employer plans often have network restrictions. Original Medicare offers a broader network, while Medicare Advantage plans have varying networks.
- Individual needs: Do you have a regular doctor you want to keep? Consider their network participation in your options.
- High-income earners: Medicare IRMAA surcharges may impact your decision.
- Getting help: Consulting a qualified professional can be valuable due to the complexity of factors involved, including financial planning implications and the Affordable Care Act's Advanced Premium Tax Credit.
Watch more free videos about Medicare on finStream TV at this link: https://www.finstream.tv/videos/medicare/ . Interested in Jae Oh's book, Maximize Your Medicare? Find it here: https://maximizeyourmedicare.com/
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