Medicare for the Working

There are several important facts that a person who is employed and turns 65 need to know and understand.

When you turn 65 you will need to sign up for Medicare at least a month in advance. For those who believe that Medicare goes in effect on their birthday, they are mistaken. Medicare starts on the first of the month after you have signed up, whether it is the month of your birthday or after.

If the company you are employed by has more than 20 employees the group coverage will be primary and Medicare pays secondary.

If your company's group plan has less than 20 employees covered, then Medicare pays primary and your group plan will pay secondary.

If you work for a firm that has less than 20 employees and you are over 65 years of age, you must sign up for Medicare part B or you will not have coverage for doctor's visits. Your medical insurance will not pay primary in this situation.

Most group plans have credible coverage for prescriptions. This means that if you retire and come off of the group plan and apply for Medicare part D, you won't have to pay a penalty for signing up late.

There are quite a few choices you have when it comes to Medicare. If you are working for a firm that has more than 20 employees you may continue just as you are. Realize that Medicare pays secondary and you can file with them as a second payer if you have signed up. Your providers would have to be those who accept Medicare. If your firm has less than 20 employees you should sign up for Medicare part A&B. You can purchase a supplement with part D coverage for prescriptions and then come off of your group plan as this will be less expensive.

Most medical carriers offer an HMO as opposed to Medicare. This can be a less expensive option than others but you still must sign up for Medicare part B. This coverage most of the time has prescription coverage (part D) added to it.

This should be considered a guideline for your consideration. For exact details please contact your social security office/ or the Medicare hotline at 1-800-633-4227.