I have a company medical plan, do I still need Medicare Part B?

I am currently on my company’s medical plan and turning 65. I plan on working for several more years and staying on the company’s medical plan, do I have to sign up for Medicare Part B now?

do-you-need-medicare-part-b_360_237_100In most cases no, as long as you have group health insurance provided by your employer you can delay enrolling in Part B. If you have better benefits at a lower cost with the company verses paying for Medicare Part B and a buying a Medicare Supplement, it makes sense to delay your Medicare Part B enrollment.

When you eventually retire, or leave work, you’ll be entitled to a special enrollment period to sign up for Part B without incurring a late penalty. Plus you will be able to sign up for a Medicare Supplement plan with no medical underwriting.

If you sign up for part B before you need it you are just throwing your money away and you could knock yourself out of lower cost options for Medicare Supplement when you need it.

If the company or organization you or your spouse work for has fewer than 20 employees, the employer may require you to sign up for Part B when you turn 65.  If so, Medicare would become your primary coverage (meaning it pays bills first) and the employer coverage would be secondary.  In this case, you need to find out exactly how the employer plan will work with Medicare.

If you have a specific question just give us a call. (512) 900-3008