Working Past Age 65 and Medicare

When it comes to retiring, not everyone is ready at age 65. More than ever, workers said they planned to work past that age including some who said they never intend to stop working. Retirement is not a requirement to enjoy the benefits of Medicare. You may be able to enjoy the best of both worlds: receiving your Medicare benefits while continuing your career.

First you need to know if you are able to delay Medicare. You are required to take full Medicare benefits – both Parts A and B – at age 65 if your company has less than 20 employees. Generally if an employer has 20 or more employees, and the coverage you have is considered creditable, you can delay without penalty. However, some larger employers may have requirements as well. This is especially true if you keep working but have health insurance through your spouse’s employer. Your spouse’s employer may require you to get Medicare at 65 if you want to stay on the employer plan.

Talk with the employer plan benefits administrator to understand how Medicare might work with your current coverage and to find out if you can delay.

Medicare is not mandatory. But even though you’re not required to get Medicare, if you do decide to enroll after your Initial Enrollment Period and don’t qualify for a Special Enrollment Period, you could face late enrollment penalties for Medicare Part A, Part B, Part C or Part D.

Whether you’re curious about plan options, enrollment deadlines, or what to do with your HSA funds, our advisors are here to help. Talk with us by calling toll free at (866) 235-8378 or click here to email us your name and phone number for us to call you. We’ll help you understand your options including what you can gain when you enroll in Medicare without retiring.