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. 


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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