Medicare might be the last thing in the mind of the working U.S. residents whose 65th birthdays are just around the corner. However, there are a few common questions related to Medicare that they should be aware of.
Can Medicare Sign-up Be Delayed?
If the working seniors are receiving coverage through their employer, or if they are covered under their spouse’s employer plan, then they can delay enrolling in Medicare Part B that provides coverage for medical services, without paying a penalty. Most of the people in the U.S. enroll in Medicare Part B only after they stop working. Once they are not covered under their employer plan or by their spouse plan, then they have eight months to enroll in Medicare Part B without paying a penalty.
When seniors should start retirement planning?
Selecting the best Medicare plan is a long process, as there are a lot of things to consider and finding the right plan is a complex and time-taken task. Seniors are recommended to start their search about six to nine months before their retirement, as this will give them sufficient time to have a close look at the plans in which they are interested. However, the seniors who don’t have much time can seek to advise of insurance advisers of private insurance companies or consult with online health insurance advisors offering assistance on plans of multiple insurance companies. They will surely help them find a health plan that best fits their needs and budget.
Does Medicare enrollment affect the HSA plan?
If seniors have a health plan through their employer that also includes a Health Savings Account, then signing up for Medicare Part B will change things. Though they can stay on their employer plan, they cannot add money to their HSA once they enroll in Medicare. Seniors who are considering this option need to check with a financial adviser because they know the technicalities of how Medicare will affect their HSA and their taxes and will also help them to figure out the best option.
How their current employer plan work along with Medicare?
If seniors have Medicare along with their employer-sponsored plan, then these plans work together. An employer-sponsored plan provides coverage for some services and Medicare plans also provide coverage for some other services. In case of any doubt regarding Medicare plan, employed seniors can seek advice either from their current plan or benefits office.