Medicare Journey

I'm on a Group Plan at Work

Things to Know


Big Decision

This is a big decision to make and it's important to have a Medicare insurance professional provide you with a 'cost benefit analysis' to determine what is in your best interest. Most times it's more cost effective to stay on your group plan but not always. 


Guidelines

Keep these in mind:

  • By law, employer group health coverage (EGHP) must continue at any age (past 65) if you continue working
  • Turning 65 would not force you to take Medicare unless your employer has fewer than 20 employees
  • You should always check with your Human Resources manager about Medicare enrollment when turning 65
  • If your spouse is on your group plan, you may be required to stay on your group plan to keep coverage for them
  • If you are considering Medicare and choosing a plan, compare the premiums, copays, deductibles, MOOP*, etc.
  • If you've done your homework and determined that Medicare is the best deal, then you should leave your group plan
  • If you do leave your employer group plan, this may be a 1-way trip as you may not be able to get back on later
  • You will have to pay your Part B premiums quarterly to Social Security as you will most likely be delaying your Social Security benefits
  • If you delay taking Medicare and have creditable coverage, you'll have a SEP when you do retire and enroll in Medicare. Additionally, you would not be exposed to a late enrollment penalty.
 * MOOP = Maximum Out of Pocket expenses

Have Questions?

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