Medicare and employment benefits

 Medicare is a government health insurance program for people age 65 and older, as well as people with certain disabilities. It is important to understand how Medicare works with employment benefits, especially if you are approaching retirement age or are already retired.

If you are still working and have employer-sponsored health insurance:

• Medicare will not pay for your health care costs until you leave your job or lose your employer-sponsored health insurance.
• Once you leave your job or lose your employer-sponsored health insurance, you will have a Special Enrollment Period to sign up for Medicare Part B without having to pay a late enrollment penalty.
• If you are enrolled in your spouse's employer-sponsored health insurance plan, you can choose to stay on your spouse's plan or enroll in Medicare Part B.

If you are retired and have employer-sponsored retiree health insurance:

• Medicare will pay for your health care costs as your primary payer.
• Your employer-sponsored retiree health insurance will pay for your health care costs as your secondary payer. This means that your employer-sponsored retiree health insurance will pay for any costs that Medicare does not cover.

If you are retired and do not have employer-sponsored retiree health insurance:

• Medicare will be your primary payer for your health care costs.
• You may want to consider purchasing a Medicare supplement plan to help cover your out-of-pocket costs.

It is important to note that Medicare does not cover all of your healthcare costs. You will still have to pay deductibles, coinsurance, and copays for many services. You can purchase a Medicare supplement plan to help cover your out-of-pocket costs.

Tips for managing your Medicare and employment benefits:

• Compare your employer-sponsored health insurance plan to Medicare to see which plan is best for you.
• Consider your individual needs and budget when choosing a Medicare plan.
• Review your Medicare Summary Notices (MSNs) carefully to make sure you are getting the most out of your Medicare coverage.

If you have any questions about Medicare and employment benefits, you can contact Medicare at 1-800-MEDICARE (1-800-633-4227).

Have questions about your current plan and this upcoming Annual Enrollment period click on this the permission to contact link and a licensed agent will be in contact.