Hi, my name is Trey. I’m a health insurance advisor. And today we’re going to be answering the question, how does Medicare work? If I’m still working and have workplace insurance?
This is a very common question that we get in our offices all the time. We have folks that are Medicare eligible, but they’re not quite ready to leave work. And because they’re still working, they still have workplace insurance. If you have the ability to pick up Medicare, you still have workplace insurance. It is not necessary to sign up when you have Medicare and workplace insurance. There’s a concept called the coordination of benefits. Essentially, your workplace insurance becomes primary. Medicare becomes secondary. You have to use all of your primary before secondary kicks in any benefit to the insured.
Now, your workplace insurance has to be comparable to Medicare’s level of coverage. That means if it is going to count as creditable, coverage needs to meet this level of Medicare or beyond. And in most cases, if you’re still working group health insurance, you’re a okay. Now, most workplace insurances count as creditable coverage. They meet that level of care. But that is something to be aware of and something to ask about at your work. If you work past 65 and you keep your workplace insurance, then you can sign up for Medicare. No problem. If you go through what we call a special enrollment period, where you have to prove that you had creditable coverage past the age 65, comment down below. Are you going to retire at 65, or work a couple more years and then switch to Medicare later on? Let us know down below. My name is Trey with retirement help.com. We’ll see you next time.
Share to:
New content posted regularly. Subscribe to stay informed.
This website is a publication of Market Investment Group, LLC (“Market”), an SEC-registered registered investment adviser that only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. The investment adviser representatives of Market are also affiliated with and registered through Foundations Investment Advisors, LLC, and may provide services on behalf of both firms to clients or prospective clients where properly licensed or exempt. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting. The information presented is believed to be current. It should not be viewed as personalized investment advice. All expressions of opinion reflect the judgment of the authors on the date of publication and may change in response to market conditions. You should consult with a professional adviser before implementing any strategies discussed. Content should not be viewed as an offer to buy or sell any of the securities mentioned, or as legal or tax advice. You should always consult an attorney or tax professional regarding your specific legal or tax situation. Hyperlinks on this website are provided as a convenience. We cannot be held responsible for information, services, or products found on websites linked to ours. All investment and insurance strategies have the potential for profit or loss. Different types of investments involve higher and lower levels of risk. There is no guarantee that a specific investment or strategy will be suitable or profitable for an investor’s portfolio. There are no assurances that a portfolio will match or exceed specific benchmarks. Asset allocation and diversification will not necessarily improve an investor’s returns and cannot eliminate the risk of investment losses. Annuity and life insurance guarantees are subject to the claims-paying ability of the issuing insurance company. If you withdraw money from or surrender your contract within a certain time after investing, the insurance company may assess a surrender charge. Withdrawals may be subject to tax penalties and income taxes. Persons selling annuities and other insurance products receive compensation for these transactions. These commissions are separate and distinct from fees charged for advisory services. Insurance products also contain additional fees and expenses. Social Security rules and regulations are subject to change at any time. Always consult with your local Social Security office before acting upon any information provided herein. Third-party rankings and recognitions from rating services do not guarantee future investment success. Working with a highly-rated adviser does not ensure that a client or prospective client will experience a higher level of performance. Please contact the adviser for more information regarding how these ratings were formulated.
