Informative Masterclass
How to Protect your Family’s Assets and Leave a Lasting Legacy
Save Your Spot Now!

White Plains & New City, New York Estate Planning & Elder Law Firm

Can I Enroll in Medicare While I’m Still Working?

March 16, 2023
David Parker, Esq.
Working and Medicare
David Parker, White Plains and New City NY Estate Planning Attorney
David Parker, Esq.
David Parker is an attorney who specializes in Estate Planning and Elder Law and has been practicing law for 30 years. Be it Wills, Trusts, Powers of Attorney, Health Care Proxies, or Medicaid Planning, David provides comprehensive and caring counsel for seniors and their families. A large portion of David’s practice is asset protection strategies so that families do not lose their hard earned savings to nursing home care costs. He also handles probate administration for the settlement of estates.
Here are some answers to common questions surrounding retirement postponement and Medicare coverage, including common misperceptions.

As inflation and a rocky stock market continue to eat away at the nest eggs of older workers approaching retirement, working longer than expected is increasingly being considered. However, a recent Allsup survey showed that one-third of those nearing retirement age (62-64) who plan to keep working past 65 don’t understand they can sign up for what is often more affordable Medicare coverage, even while they’re still employed.

Kiplinger’s recent article entitled “Yes, You Can Sign Up for Medicare While You’re Still Working” says with retirement perhaps further away for many, some people need help understanding their options. The article gives answers to some common questions concerning retirement postponement and Medicare coverage, including common misperceptions.

When should I plan to retire? Your retirement decision is personal and depends on your situation. Most employees now expect to retire around age 71. Workers in their 60s have been making the decision to work longer. Although some are relatively positive about working past 65, about 50% of those people have continued working primarily to maintain their health insurance. Access to health coverage is one of the primary reasons why the average age when people retire is going up. In a survey of more than 1,000 American older workers, 31% of those with employer insurance say health care is their main reason for working, and 53% say it’s one factor. In any event, having a plan in place for how you’ll handle your Medicare decisions before you turn 65 can streamline the transition off your employer-sponsored health insurance.

Do I have to enroll in Medicare? For most working seniors, the answer is no. While enrolling in Medicare is often a good alternative to their company’s coverage, it’s not required that all seniors make the jump as soon as they turn 65. However, in some cases, it’s mandatory, and it’s important to understand these exceptions to be sure there are no gaps in your coverage.

Is Medicare better than my employer-sponsored coverage? Employees who are approaching retirement, and those who have reached retirement age, say they’re mostly content with their employer health benefit packages. However, hesitation and misconceptions about Medicare prevents workers from shopping for potentially better plans. If Original Medicare is unaccompanied by a prescription drug plan (Part D) or a Medigap supplement, it may not match your current employer-sponsored level coverage. It’s recommended to pair your Original Medicare plan with a prescription drug plan and a Medigap plan. Each Medigap plan (plans A to N) offers a different level of coverage. You should carefully consider which plan best fits your needs.

Reference: Kiplinger (Oct. 11, 2022) “Yes, You Can Sign Up for Medicare While You’re Still Working”

 

Share This Post
Stay Informed
Subscribe To Our FREE Estate Planning, Probate and Elder Law Newsletter

Book Your Free Initial Consultation With Parker Law Firm Today
Get Started Now

The 15 minute initial phone call is designed as a simple way for you to get to know us, and for our team to learn more about your unique estate planning needs.

Book an Initial Call
Book A Call With Parker Law Firm
Parker Law Firm
White Plains Location

222 Bloomingdale Rd #301,
White Plains, NY 10605

New City Location

120 North Main Street, Suite 203,
New City, NY 10956

IMS - Estate Planning and Elder Law Practice Growth Advisors
Powered by
crosscross-circle