One of the most frequent questions I get about Medicare is “Do I need to sign up for Medicare when I turn 65 if I have employer group coverage?” And the answer is: It depends…. on the size of the employer group and some other factors:
- Your cost for the coverage (including premium contribution and out of pocket expenses for deductibles, copays and your annual out of pocket maximum)
- If the employer plan benefits meet your needs (benefits, provider network)
- If your employer group is less than 20 employees, you should sign up for Medicare Part A and Part B when you are first eligible or face a lifetime late enrollment penalty. You have a 7-month Initial Enrollment Period:
- 3 months prior to your 65th birthday
- your birthday month
- 3 months after your birthday month
In this case, Medicare is the primary payer and your employer group coverage pays secondary based on the benefit plan.
If your employer group is more than 20 employees, and has medical and prescription drug coverage that is at least as good as Medicare, you may not need to sign up for Medicare Part B right away. However, you should review the benefits and cost of your employer plan compared to the benefits and cost of Medicare plus a Supplement or Medicare Advantage plan. In many cases, people save money by enrolling with Medicare.
There are several options for Medicare Advantage and Medicare Supplement plans available, and the key is determining which one will offer you the best coverage based on your healthcare needs, your lifestyle and your budget.
Medicare agents must be licensed in the state they sell products and must complete an annual certification and insurance company specific product training each year to assure they are qualified to help beneficiaries in making good choices.
If you need assistance with your Medicare decisions, please contact me at 206-569-5415 or by email at email@example.com. I am a licensed and certified health insurance agent in WA State and represent multiple health insurance companies. I can help you with your decision and enrollment for the plan that best meets your needs.
December 15th is the deadline to enroll or make changes to your health insurance for individuals and families. If you need assistance understanding the current options available to you or help in completing your enrollment application, call Suder Group Health Insurance Consultants at (206)569-5415.
There will not be an extension this year as we have done in the past in WA, so now is the time to act and make sure you have coverage!
The Annual Enrollment Period, which is the time for making changes to Medicare coverage, ends on December 7th. If you have not reviewed your current plan to assure it is meeting your needs, now is the time to do it! SuderGroup Health Insurance consultants are available to help you define your needs and find the plan that will work the best for you in 2019. Call Loy Suderman at 206-569-5415 to get the help you need.
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