What Happens to my Medicare if I work past 65?

If you work past the age of 65 and then decide to sign up for Medicare, there are a few important things to consider:

1. Enrollment Period: You have a special enrollment period (SEP) to sign up for Medicare once you stop working and lose employer-sponsored health coverage or once the employment ends, whichever comes first. This period typically lasts for eight months following the end of your employment or the group health coverage, whichever happens first.
   

2. Part A and Part B: You can sign up for Medicare Part A (hospital insurance) and/or Part B (medical insurance) during your special enrollment period without penalty, as long as you or your spouse are still working and have group health coverage through that employment.
   

3. Employer Coverage: It's important to understand how your employer's coverage interacts with Medicare. Some employers require employees to enroll in Medicare at 65, while others may allow you to delay enrollment until you retire. Be sure to check with your employer's benefits department for guidance.
   

4. Medicare Advantage vs. Original Medicare: You'll need to decide whether to enroll in Original Medicare (Parts A and B) or a Medicare Advantage plan (Part C). Medicare Advantage plans are offered by private insurance companies and provide all Medicare Part A and Part B coverage, often with additional benefits such as prescription drug coverage (Part D) and dental or vision coverage.
   

5. Medicare Supplement Insurance: If you choose Original Medicare, you may also want to consider purchasing a Medicare Supplement Insurance (Medigap) policy to help cover out-of-pocket costs such as copayments, coinsurance, and deductibles.
   

6. Part D Prescription Drug Coverage: If you choose Original Medicare and do not have prescription drug coverage through your employer, you should also enroll in a Medicare Part D prescription drug plan to help cover the cost of prescription medications.
   

7. Premiums and Costs: Be aware of the premiums and out-of-pocket costs associated with each part of Medicare and any supplemental coverage you choose.
   

8. Coverage Gaps: Understand any potential gaps in coverage and how to address them, such as by enrolling in additional coverage or planning for potential out-of-pocket expenses.

It's always a good idea to review your options and consult with a licensed Medicare agent to help you make informed decisions based on your individual needs and circumstances.