Do you have to apply for Social Security to get Medicare?

Today, it’s not uncommon for people who leave the workforce around Medicare eligibility age (age 65) to return to work later on. Maybe it’s a passionate side-gig, a part-time job or full-time. In any case, when you go back to work, what does that mean for your Medicare coverage? Can you have employer coverage again when on Medicare? Yes, if you or spouse go back to work for an employer who offers health insurance, you can take it. You are allowed to have both Medicare and employer coverage, and you can use them together. One will act as primary coverage and the other as secondary coverage. The employer health insurance must be a credible health plan. The only thing to keep in mind is that when you have Medicare and an employer plan, you cannot contribute to a health savings account (HSA) if it’s offered. Can I drop Medicare if returning to work? If you’re going back to work and can get employer health coverage that is considered credible primary coverage, you are allowed to drop Medicare and re-enroll again without penalties. If you drop Medicare and don’t have credible employer coverage, you’ll face penalties when going back on Medicare. An employer health coverage is credible when the prescription drug coverage is expected to pay, on average, at least as much as Medicare drug coverage. Before you decide to drop any part of Medicare, there are some things you’ll want to think about, especially as some choices could end up being costly. · Pre-Existing Conditions: If you decide to drop Medicare Part B, you’ll also have to drop your Medicare Supplement plan (Medigap) if you have one. This could make it difficult to enroll in another later on as your pre-existing health conditions will be considered when applying. · Health Savings Accounts (HSAs): If you want to contribute you an HSA, you will have to drop Part A. You could end up having to repay the government for medical services Medicare covered as well as repaying any Social Security benefits. · Premium Payments: If you are currently paying premiums for Part A, you cannot disenroll from Part B without also disenrolling from Part A. Additionally, should you decide to disenroll from Medicare, you’ll need to talk with Social Security directly. You can do this either in-person or on the phone. Social Security requires that you consult with them while you fill out the Part B disenrollment form. Re-enrolling in Medicare when working after 65 Medicare has rules for re-enrolling after you’ve dropped it for an employer-sponsored health plan. You’ll have an 8-month Special Enrollment Period in which to re-enroll in Medicare Part A and Part B. If you miss this window, you’ll have to wait to enroll in the Medicare General Enrollment Period (January 1 – March 31) and you could face late enrollment penalties if you end up going too long without credible coverage. NOTE: While you have eight months for Parts A & B, you only get two months after losing the employer coverage or leaving work to re-enroll in a Medicare Part D prescription drug plan or a Medicare Advantage (Part C) plan. If you enroll later, you’ll face late enrollment penalties for Part D. Finally, if you wish to re-enroll in a Medicare Supplement (Medigap) plan, you’ll be able to do so any time after re-enrolling in Parts A & B. Learn more about the Special Enrollment Period for people working past 65 .  There are a lot of things to consider when it comes to Medicare and returning to work. Take your time thinking through your options. Any decision is right so long as it’s what’s best for your health and lifestyle. If you still have questions about you options, we would love to provide you with a no-cost consultation! Give us a call or easily request more information through our website.

Navigating your health insurance can feel like you’re learning a foreign language that changes every year. For many people who qualify for Medicare (age 65 and older), they’re beginning to wonder, “Can I have both employer insurance and Medicare?” The answer (thankfully) is yes, but you must maximize your coverage.

This is one question we get when a client is nearing or at 65 and is not on Medicare yet. They are considering retirement but want to continue on the company’s COBRA medical and prescription coverage instead of enrolling in Medicare. If you remain employed and on your employer group plan past age 65, you do not need to enroll in Medicare Part B (Medical Coverage). Medicare Part B has a monthly premium. If you’re not contributing to Health Savings Account (HSA), then we suggest you to enroll in Medicare Part A (Hospital Coverage). Medicare Part A is premium free if you or a spouse have worked and paid in taxes for 10 years or longer. If your employment ends and enrolling in your company’s COBRA medical and prescription coverage may be an available option. But you need to beware that you’re possibly creating a problem for yourself. The government does not consider COBRA to be creditable medical coverage (medical or prescription drug coverage that has minimum coverage requirements). Group coverage and prescription drug coverage from your employer, while you are employed, is typically considered creditable coverage. COBRA medical coverage is not, although COBRA prescription drug coverage may be. Once you lose your employment group coverage, Medicare will allow you an 8-month period to enroll in Medicare Part B. This 8-month period is called Special Enrollment Period. If you wait until after this 8-month period has expired, you may be subject to a late enrollment penalty. Enrollment in COBRA does not extend this 8-month period. Even though COBRA can last 18 months or longer, it does not extend the 8-month period to enroll in Part B. We recommend our clients to enroll in Part B within 8-months of losing their employment. That way there will be no penalty for late enrollment. Trust Our Licensed Independent Advisors Understanding Medicare coverage doesn’t have to be complicated or intimidating! Our licensed advisors are dedicated to helping you make informed decisions about your healthcare coverage. We’ll gladly support you when enrolling , comparing plans , and researching additional coverage options at your convenience. Our advisors are here for you every step of the way. If you’re turning 65 soon or simply have questions about your current Medicare coverage, then please feel free to give us a call , send us an email , or contact us online for a free consultation . We believe everyone deserves personalized Medicare support, and we’d love the opportunity to help you, too.

Medicare coverage for home care requires meeting stringent requirements. Plus, Medicare doesn't readily cover long-term home care services unless they’re directly associated with skilled care needs.

Each year, the designated period known as Medicare Open Enrollment allows these beneficiaries to be ready and select different policies. However, many Americans aren’t sure how to navigate these sophisticated plans, which is why we’re here to help you choose the best possible plans.

Medicare plays a vital role in ensuring access to necessary medical services for Americans aged 65 and older. However, many people are often left wondering about the cost associated with this program. Understanding the expenses involved with Medicare is crucial for seniors and their families to make informed decisions about their healthcare needs. That's why we're going over the various aspects of one's Medicare cost, shedding light on what beneficiaries can expect. The Four Main Medicare Costs Medicare, the federal health insurance program, is comprised of four main parts - Parts A, B, C, and D - each serving specific purposes to provide comprehensive healthcare coverage. Understanding each part's cost , purpose, and benefits, is essential to navigating the complexities of Medicare. Medicare Part A Medicare Part A , also known as hospital insurance, covers inpatient hospital stays, skilled nursing facility care, and some home healthcare services. For most individuals, Part A is premium-free, as they have previously paid Medicare taxes. If you haven't worked long enough to qualify for premium-free Part A, you may have to pay a premium. In 2023, the Part A premium is capped at $506 per month. It's worth noting that Part A also has deductible and coinsurance costs. The deductible for each benefit period in 2023 is $1,600, and this amount covers the first 60 days of inpatient hospital care. Beyond 60 days, beneficiaries are responsible for daily coinsurance amounts. Medicare Part B Medicare Part B covers outpatient services, including doctor visits, preventive care, medical supplies, and some outpatient procedures. Unlike Part A, Part B requires beneficiaries to pay a monthly premium . The standard premium for Part B in 2023 is $164.90 per month. However, this amount can vary based on income. In addition to the premium, Part B also includes an annual deductible, which is $226 in 2023. After meeting the deductible, beneficiaries typically pay 20% of the Medicare-approved amount for most services. Medicare Part C (Medicare Advantage) Medicare Part C, also known as Medicare Advantage , is an alternative way to receive Medicare benefits from approved private insurance companies. The costs associated with Medicare Advantage plans can vary depending on the specific plan you choose. While some plans have no monthly premiums, others may require a monthly premium in addition to the Part B premium. Furthermore, Medicare Advantage plans often have different copayments , coinsurance, and deductibles, when compared to Parts A and B. It's crucial to review the details of each plan to understand the specific costs involved. Medicare Part D Medicare Part D provides prescription drug coverage . This coverage is offered through private insurance companies approved by Medicare. The costs associated with Part D plans can vary depending on the specific plan, the drugs you take, and the pharmacy you use. Part D plans generally have a monthly premium, an annual deductible, and copayments or coinsurance for medications. It's important to carefully compare Part D plans to ensure they cover the medications you need at a cost that aligns with your budget. Additional Considerations of Your Medicare Cost In addition to the costs mentioned for Medicare Parts A, B, C, and D, it's important to consider other factors that may affect your overall healthcare expenses. Medicare Supplement Insurance, also known as Medigap, is available to help cover the gaps in Original Medicare (Parts A and B). These policies, sold by private insurance companies, can help pay for expenses such as deductibles, copayments, and coinsurance. The cost of Medigap plans can vary depending on the coverage level and the insurance company. It's essential to compare Medicare Supplement and Advantage plans to find one that suits your needs and budget. For individuals with limited income and resources, there are various programs available to provide financial assistance with Medicare costs. The Medicare Savings Programs (MSPs) help pay for premiums, deductibles, and coinsurance for eligible individuals. The Low-Income Subsidy (LIS), also known as Extra Help , assists with prescription drug costs under Medicare Part D. These programs can significantly reduce the financial burden associated with Medicare. Additionally, it's worth exploring whether you qualify for any state or local assistance programs that may provide further support with healthcare expenses. To fully understand the costs and potential assistance available, seek guidance from a trusted independent insurance agent . They can provide personalized information based on your specific circumstances and help you navigate the complexities of Medicare costs. By considering these additional factors and exploring available assistance programs, you can ensure that you have a comprehensive understanding of the potential expenses associated with Medicare and make informed decisions about your healthcare coverage. We Take the Confusion Out of Medicare Understanding the cost of Medicare is crucial for anybody seeking or possessing enrollment in the program. While Medicare Part A may be premium-free for most beneficiaries, Parts B, C, and D involve various premiums, deductibles, and coinsurance amounts. By familiarizing themselves with these costs, seniors and their families can better plan for their healthcare expenses and make informed choices about their coverage options. It's always advisable to consult with an experienced independent insurance agent for the most up-to-date information on costs and coverage details. If you have any questions about any Medicare components, give us a call today to arrange a free consultation. With this knowledge in hand, beneficiaries can navigate Medicare confidently and ensure their healthcare needs are met.

Medicare is a common insurance program that covers some medical expenses for beneficiaries aged 65 and above. However, when it comes to dental care, Medicare doesn’t cover most dental procedures unless they impact another medical condition. However, there are options for beneficiaries seeking coverage for their oral health needs. Today, we’ll discuss what options are available to those pursuing affordable dental care.

Extra Help or Low Income Subsidy (LIS) provides financial assistance with Medicare Part D plans. Covered expenses generally include copays, premiums, penalties, and deductibles related to Medicare’s prescription drug coverage. Let’s dive into this plan together and see how you may benefit from this assistance.

The world of healthcare can be tricky. It’s important for anyone who uses Medicare or is considering using it to learn how to protect themselves from potential scams. Here are some common Medicare scams and what you can do to keep criminals at bay.