FAQs:
FREQUENTLY ASKED QUESTIONS
When I turn 65, do I have to get Medicare, or can I wait until I retire?
You can wait to get your Medicare Part B if you are still working and have Employer sponsored “creditable” health coverage.
You can apply for Part A when you turn 65, since Part A does not have a premium, and wait until you retire or stop working or until you lose your employer coverage to apply for Part B.
You should apply for Part B no later than 3 months before you want to make your Part B effective. Part B will have a monthly premium of $164.90. This premium may be higher based on your income.
When I turn 65, can I keep my employer coverage because my family is covered?
Can I have both employer coverage and Medicare?
Yes you can.
- If you work for an employer with less than 20 employees, then Medicare will be primary and your employer coverage will be secondary and act as supplemental coverage. If the employer coverage includes what is considered to be “creditable” medication coverage, then you don’t have to purchase a separate Medication or Part D plan. If the coverage is NOT “creditable”, then you will need to purchase a stand-alone Part D Plan (PDP) and pay the corresponding monthly PDP premium.
- If you work for an employer with more than 20 employees, then Medicare will be secondary and will be considered supplemental coverage to the employer coverage; the employer plan coverage will apply first, along with all of its out of pocket costs, i.e. deductibles, co-payments, etc.
If I wait to get Medicare until after 65, will I get penalized?
Yes, unless you had creditable employer coverage. You will need to supply the CMS-L564E form to provide proof that you had coverage during the entire period past your Initial Enrollment period.