Rules for Medicare if you're still working at 65

Medicare: What to do if you’re still working at 65

If you’re a senior who is still working and about to age into Medicare, you are not alone.

The Bureau of Labor Statistics reports that people ages 65-74 currently make up nearly 27% of the workplace and that number is expected to exceed 30% by 2026.

But what are the rules for people still working when they are about to be eligible for Medicare? What if you have insurance through work?

Medicare’s rules if you’re still working at 65

Normally, you’ll have a seven-month window to sign up for Medicare. It starts three months before the month of your 65th birthday and runs three months after. If you don’t get signed up in that time, there’s late-enrollment penalties.

However, if you’re still working and have insurance through an employer with more than 20 employees, you are exempt. Still, most will sign up for Part A because it’s free if you’ve been working for at least 10 years.

If you decide to stick with your insurance through work, be absolutely certain that it is “credible” coverage as defined by Medicare. You can ask the insurance company if it is. This is important because if it is not there could be lifetime penalties that occur when you sign up for Medicare later.

If the business you work for has less than 20 employees, you’re still required to sign up for Medicare whether you have your own insurance or not.

Obviously, you’ll likely want to drop your employer-sponsored coverage. If you don’t, Medicare will simply be your primary insurance.

Don’t stress out! We can help.

If you’re not sure where you stand when it comes to all of this, our licensed Medicare agents at Expert Insurance Team can help. We deal with Medicare-related business all the time and are always up-to-date on the latest rules and regulations.

Feel free to give us a call at (630) 984-2100 or you can send us a message by clicking here.