One of the important topics we cover with our clients is Medicare enrollments for persons who are delaying their enrollment. In other words, they don’t enroll when they are qualified for Medicare as they turn 65.
Consider this situation: I’ve been the owner of my business, or I’m an executive, or I’m just an employee for a large corporation or a business of any size and I’m now 68 years of age. Now I need to get coverage under Medicare because I’m leaving my employer. There’s some relatively significant pitfalls a person in this situation needs to be mindful of.
Enrolling in Medicare After Age 65
Anybody who wants to sign up for Medicare after age 65, that’s 100% fine. But here are the key points to consider at this time.
Number one, you need to keep in mind the size of your employer. When you work for a smaller employer, such as a small firm of three, four or eight, when you turn 65, you still must enroll with Medicare Part B. Life will get very complicated for you from a claims management perspective and there can be some penalties as well if you do not sign up for Part B.
On the other hand, let’s say you are working for a larger corporation and you reach 67 or 68 and did not enroll in Medicare when you were supposed to at 65 because you didn’t want it or need it. Now, it’s pretty simple. You just need to apply for a Part B in the two or three months before your retirement date.
Completing Your Medicare Enrollment
You need to go to a simple website to do this enrollment, and you need an additional form besides what Medicare needs. It’s a very simple form. You will need to get a form from your employer that certifies that you’ve been covered by creditable coverage since you reached age 65. Then there will be no waiting and no enrollment penalties or anything of that nature.
You just want to be mindful of those two key things. If you’re working for a large employer, it’s pretty simple. If you’re working for a small employer, then you’ve got a couple of complexities involved in this process.
Another quick comment. If you happen to be 65 and you’re working for a large major employer and you’re not retiring, you don’t have to do anything when you’re 65. You don’t need to notify Social Security or Medicare. You’ll just want to do that when you are ready to enroll in Medicare Part B.
This subject can be simple if you have a discussion with an expert you can trust. Give MBhealth a call and we can guide you through this process. Call us at (314) 544-5400.
