What if you are turning 65 but still working and have health insurance coverage through your employer? More and more people are working past the age of 65, especially because the age of collecting full Social Security Benefits keeps getting older, now at age 66 and 10 months for those turning 65 in 2024. If you are still working in your career and have employer-provided health insurance, you have to find out a few things.
First confirm with your employer that your coverage continues beyond age 65. If so, you can compare the costs and benefits of your current plan to Medicare and available plans. Compare what it costs out of your paycheck for the employer coverage to your premium cost of Part B and the premium of whichever Medicare plan you might choose.
Sometimes Medicare is a better deal as far as cost and benefits. Sometimes sticking with the employer coverage is better, especially if you are insuring a spouse or children with your employer coverage. Medicare is only single coverage for those who qualify.
Delaying enrollment in Medicare might be in your best interest. You can do so without penalty typically as long as your employer has at least 20 employees, but some smaller employers may continue your coverage as well. You can then enroll in Medicare during a special enrollment period when your employer coverage ends. It’s generally recommended to enroll during the initial enrollment period, when you turn 65, if you are retired, self-employed or without health coverage from your employer. Medicare Plan Brokers can help you understand your options.
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