if you're about to turn 65 but you're still working what do you do about medicare it's an
important issue that comes up a lot these days and i'm going to go over that right now so stay tuned
okay so if you are turning 65 time to sign up for medicare but you're still working
what do you do and these days certainly 65 is not necessarily the defining time to retire or stop
working a lot of people either have to or want to continue working past age 65 so what do you
do about medicare and it's really important that you get this right because it can come back to
bite you if we don't do it correctly so i'm going to go through that right now i'm keith arnbrecht
founder of medicare on video i help people across the country make the right medicare choices
and i can absolutely help you as well something you want to do right now subscribe to my channel
because you're going to need more medicare information as you go along and get closer
to the time that you want to start medicare so i'm going to give you an idea on exactly what you need
to do right now and also if you stay with me till the end i'll show you how to download my free book
medicare made clear which has everything that you need to know about medicare
i go over all the pieces i have videos in the book i have all the links everything that you need
in your medicare journey is right in this book and you can have it for free you can
download it right now i'll show you exactly how right now we're going to talk about what to do
if you're still working past age 65 and you're eligible for medicare and it's a
little complicated so they make it harder than it needs to be so the first thing to understand
is there's a line on how big your employer is and that's a pretty big deal and i have no idea why
they do it this way but they do but that line is 20 so it's different if you work for an employer
with less than 20 employees or if you work for an employer that has 20 or more employees so it's 20
or more or really 19 or less so those are the two dividing lines on what to do with your medicare
and it's completely different so how you're supposed to know how many employees how many
employees your employer reports to the government as being regular employees whether it's 15 or 20
somehow you're supposed to know that but that is the way it is so if you work for an employer that
has 19 or less employees medicare is primary so when you turn 65 if you work for that small
employer medicare becomes primary so what you want to do in that case is absolutely come off your
employer plan so your employer could be paying a majority of your costs for that employer plan but
generally on smaller employees it's not usually the same but medicare is the first payer so that
work insurance isn't going to pay because medicare is supposed to pay so we want to
make sure we understand that so if you're working for somebody less than 19 employees and again
if it's right on the line i'm not sure exactly how you're going to figure that out but that is the
rule so you want to make sure you sign up for your medicare a your medicare part b and i have videos
on all this stuff on my youtube channel so make sure you subscribe and you can go through videos
as you need them and i come out with videos all the time so it's all medicare and we make sure
that we get it right but less than 20 employees 19 or less you're going to want to go on to medicare
so a and b and then you decide whether you stay on original go on a medicare advantage another
big decision make sure you check out the video and then we piece it all together from there so
important understand that so if we are at an employer that's larger than 20 employees the group
insurance is primary so you may not want to come off your group insurance
if you are working for an employer that has 20 or more employees and generally contributes to the
cost of your employer plan now if you had the plan side by side if you were paying 100 of your group
coverage versus 100 of medicare generally medicare is going to be much better and much lower cost so
the reason you would want to stay on a group plan is if the employer is covering the majority or
sometimes even 100 percent of the employee premium so that's the difference on the larger employee
employer is you'll likely want to stay on your group plan until you're ready to retire now it's
important to understand if you do this there's a couple other things you need to really understand
you do not want to start your medicare part b and medicare part b should not start unless you
initiate it but it confuses a lot of people a lot of people start it when they turn 65 so if you are
going to stay on your work insurance you do not want to start part b so why don't we want to start
part b number one it has a premium so you don't want to pay that premium when you're not using
it and you're still using your group plan but also and equally as important it's a trigger
so when you come into medicare and generally if it's at age 65 you have free reign to pick
anything you want without any medical questions so you can be in good health or not good health
and you can choose anything you want once your medicare has been in place for more than six
months that's no longer the case you have to go through medical underwriting on certain issues
to be able to get some things that you might want so part b is that trigger so if you're not going
to come into medicare at 65 you do not want to start your medicare part b
because when you do retire if it's at 68 70 75 whatever it may be and you start your part b
at that point that's your trigger so it's just like turning 65 you can pick anything you want
you don't have to worry about health questions or height or weight or any of that stuff
so make sure if you stay on your group coverage and you're at an employer larger than 20
that you don't start your part b now another issue that comes up a lot is what about my
spouse so a lot of times an employee has their spouse on their plan as well and that's their
primary insurance so this can get a little complicated as well so first instance if you're
less than 65 and your spouse is turning 65 and she's on your plan or he's on your plan
then likely it'll make sense for them to come off your plan and go into medicare because that
goes back to apple's apples what's a better deal medicare or group insurance and generally the
employer is not paying for the dependent on the group coverage so usually it makes a lot of sense
for the dependent to come off the group coverage go into medicare better coverage lower cost
and so forth so give us a call we can easily walk right through that with you and let you know
if it makes sense to do it or doesn't make sense to do it but same thing
if they're not gonna go into medicare do not start part b but generally the dependent makes a more
sense to go into medicare and come off the group plan now the other scenario what if i'm turning 65
i'm the employee and my dependent my spouse is 60 and not ready for medicare now this can absolutely
be complicated because a lot of times if you end your employer coverage and come into medicare
it ends for your dependent as well so some larger employers allow a dependent to stay on but this
can get complicated and something that really give us a call we can walk through the scenarios
figure out the best way because we don't want obviously to mess up our spouse's coverage because
we're ready for medicare but there are some ways to to make it more beneficial so we want to make
sure that we take care of all that so in any case when you are coming off your group plan
if you're going to retire past age 65 you're going to need some additional paperwork you're
going to need an employer coverage form that your employer fills out that shows that you've
had coverage all this time past age 65 so that you don't have a penalty on your medicare part b so
we have to get this form filled out and you can find it right on my website medicareonvideo.com
easy to do just we have to make sure it gets done so you can download it right off my site you email
it to your hr department or whoever handles your health insurance they fill it out give it
back to you and then you submit that to medicare when it's time to enroll after age 65. so these
you can see it's a little complicated if you're still working especially if you have less than 20
employees it's it's silly complicated so if more than 20 employees makes sense generally for the
employee to stay on but doesn't usually make sense for the dependent to stay on and then if it's
vice versa and the employee is older and the dependents younger it can be complicated so we're
happy to help with all this that's exactly what i do is i help people with their medicare choices
i'm an independent insurance broker there's no cost to you to allow me to help you so hopefully
you will allow me to help you we'll make sure we get all your pieces in the right places make sure
you get exactly what you want to have and then you won't have to think about health insurance again
really for the rest of your life because medicare is really really good which is kind of crazy
as well so a government program that absolutely works fantastic as long as we do it right so stay
tuned right now we'll show you how to download my book medicare made clear subscribe to the channel
like the video very helpful to me it gets it out to more people and i hope you found this helpful
have a fantastic day thank you for taking the time to watch my video hope you found it very helpful
here are a couple other things that you'll also find helpful as you go through medicare the first
one is a copy of my book medicare made clear you can download it right now for free i've put a lot
of time and effort into this book and you'll see i covered just about every piece of medicare and
i've written it a way that makes it pretty easy to understand now i also have videos throughout the
book so if you don't want to read through all the information click on the video and i'll explain
it all to you right there you'll also find all the links that you need to either sign up for medicare
or things that you're going to need now or in the future when things come up related to medicare so
take just a minute go to medicare on video dot com forward slash free book and you can download
it right now now also make sure once you're in medicare that every year you come back and visit
medicare price check this is my other website where i make it super easy for us to compare
our current coverage against new plans that may be less expensive and remember that medicare
supplements are standardized so it doesn't matter which insurance company we use we'll still have
the same plan g or the plan n that we have now but hopefully we can get it at a lower price so visit
medicare medicarepricecheck.com real easy we'll email you the quote if it makes sense then we'll
do it from there so i hope you found all this helpful have a fantastic day hey don't go anywhere
these are some of my most recent videos right here you can also find the link right below this video
to download my book medicare made clear absolutely free you can also subscribe to my channel right
here so please download my book watch some videos subscribe to the channel have a great day