Make Medicare Supplement Plans decisions carefully if you are 65 and Working

The eligibility of Medicare Supplement Plans initiates at 65 years or even earlier if there is any disability to consider you qualified. The full age of retirement was 65 and now it has changed. As per the administration of the Social Security, people born in 1959 have 67 as the full retirement age and this means many in the 65 years are employed out and have the coverage for health insurance and are now wondering about Medicare.In case you are working and are also covered by the employer-sponsored plan for the health care, it is good to continue with the plan existing besides enrolling in the Medicare Supplement Plans. However, before taking any decision, it is best to know the benefits to understand how Parts A and B of the Original Medicare benefit and work with the existing plan.

Medicare and Other Insurances

It is crucial to know how Medicare works with the plans of other health insurance. For instance, you must know the plan that first pays the bills. Part B may have restricted value if you already have other health insurance and this is because the other insurance will come ahead to pay first. Thu, it is better to delay Part B enrolling. However, self-employed people or people working with hardly 20 full-time employees may enroll in Part B. The health expenses in such cases would be paid by Part B first. Thus, always check prior to making a decision with a plan administrator.

Basic Coverage

People working after 65 enroll in Part A Medicare offering hospital coverage and because they need not pay monthly premium. While some enroll in Part A and B, the Part B has a premium to be paid monthly based on your income, but it covers outpatient and doctor coverage. Many do not enroll for Part B Medicare until they are receiving the sponsored coverage from the current employer. Enrollment may be done without penalty during Special Enrollment Period. There is eight months time after your employment ends that is without penalty to enroll for Part B.

Is Enrollment Required?

Before getting enrolled in Medicare Supplement Plans, consult your health plan administrator of your employer for the following questions answers:

  • Should I enroll in Part A or B Medicare?
  • What is the existing health plan I have now
  • What will be the change in the health insurance if I enroll in Medicare

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