One of the subjects you should understand if you are approaching Medicare eligibility is the best type of health insurance to choose. Let’s say you are still working full-time and you’re 65 years of age or approaching 65. Should you use Medicare for your health coverage or should you stay on your employer’s group health insurance plan? Everyone has a different situation related to this question so it has to be decided on a case-by-case basis.
The key factors to take into consideration:
- Do you have dependents? What are their ages?
- Are you single?
- Are you a married person whose spouse is younger and not ready for Medicare?
If you’re single and working, you will need to decide whether you will use Medicare for yourself or stay with your employer. Whether you continue to work full-time and whether you use your employer’s benefits are two separate questions in two separate discussions.
Making Your Decision about Enrolling in Medicare
This decision is a simple matter of comparing costs and benefits. When you’re working with me on this decision, we would simply compare the premium, deductibles and out-of-pocket costs with your employer’s plan to the premium, deductibles and out-of-pocket costs on Medicare. It’s just a simple mathematic comparison that sounds a lot more complicated than it really is.
Taking Dependents into Consideration When Choosing Health Insurance
If you’ve got dependents—maybe a spouse and children under the age of 26—that can complicate things a little bit. In general, you’re going to want to stay on that employer’s plan as long as you’re happy with your work and you have your benefits. It’s manageable until your spouse becomes Medicare-eligible or close to it.
Finding the Right Help When You Need to Make These Decisions
I am happy to talk you through these decisions. I know what questions to ask you and what alternatives to bring up, such as a COBRA extension of your employer’s health insurance. Give the MBhealth Insurance Agency a call for help working through these decisions. Our phone number is (314) 544-5400. My staff and I would be glad to help you.
