Thursday, 20 January, 2022

Can You Enroll in Medicare Working Past 65?


More Americans are now working into their golden years. Census data shows that a more significant share of Americans over 65 are remaining in the workforce. The reasons for seniors choosing to stay within the workforce vary. Some want to remain employed for social and professional reasons, and some stay to build their retirement savings. The number of seniors aged 65 to 74 rose to 26% between 2014 and 2018—a definite increase from prior years. The driving factors to why more seniors are working are that more people stay healthy as they pass 65 and lack retirement savings. So, if you choose to remain employed past 65, can you still enroll in Medicare later?

Enrolling in Medicare Past 65

If you are still working past 65 and worried about enrolling late for Medicare, there is good news for you! You can enroll in Medicare past 65 if you are still working for an employer with more than 20 employees enrolled in their group health plan. This is allowed because you have creditable coverage.

If you’re working for an employer with less than 20 employees, you will not want to delay your Medicare. Even if you have employer coverage, you will want to apply for Medicare and enroll in Parts A and B. Medicare would be your primary coverage, and the employer coverage will be secondary.

Medicare Enrollment Process Past 65

When you delay Medicare on employer coverage past 65, you will have a different enrollment process than those who enroll at 65. Let’s start by covering Part A of Original Medicare.

Part A will likely be premium-free for you, depending on if you have the qualified work quarters. Having Part A along with your employer coverage can pay secondary to your employer coverage. You will apply for Part A online at SSA.gov by completing an online form. Within that form, you can decline Part B coverage if you have creditable employer coverage. Denying Part B avoids the monthly premium you will have to pay for it.

Enrolling in Part B After Delaying it

Suppose you’ve delayed Part B because of your employer coverage. In that case, there are some forms that you and your employer need to complete and send to Social Security. You must fill out the CMS-40B Form with your information to apply for Part B. Your employer must fill out the CMS-L564 form, where your employer fills out your dates of creditable coverage.

Enrolling in Supplement Insurance After 65

You will have a Medigap Open Enrollment period once you start your Part B. This will be a 6-month period beginning on the day you begin Medicare Part B. During this period, you can’t be turned down for a plan due to pre-existing health conditions.

Suppose you did have Parts A and B during the time you had your employer group coverage. In that case, you will instead have a Guaranteed Issue Right when you get off your employer coverage. This period is only for 63 days.

Enrolling in Medicare Advantage Plan After 65

You need Medicare Parts A and B to be able to enroll in a Medicare Advantage plan. You’ll have a two-month period to get enrolled starting the month you lose your employee coverage. If you get enrolled within those two months, you will have your Medicare Advantage coverage.

Conclusion

With more Americans working into their golden years, many wonder if they can enroll in Medicare past 65. Suppose you are working past 65 with a group health plan from your employer with over 20 employees. In that case, you can delay your Medicare with no penalties. There are periods after you are done working with your employer and are off their group health plan where you can enroll in Medicare. You can enroll in Part B, Supplemental Insurance, and a Medicare Advantage plan once you stop working for your employer and are off their health plan.