Retiring Past 65? Learn How Your Medicare Enrollment is Different!

Today, many people choose to work after age 65, and this could make things a little complicated when you later need to start Medicare because you're finally

retiring

. Hi, I'm Ginny Oak, co-founder of Uncle Roberts and Medicare expert here at boomer. benefits if you plan to retire after age 65 stay to

learn

how you should enroll in Medicare If you work after age 65 for an employer that has 20 or more employees, also called a large employer, then you can delay Medicare without penalty until however, Once you retire, you will probably have passed

your

initial seven-month

enrollment

period and therefore will need to use a special

enrollment

period to enroll in Medicare.

It is important that you understand how the special enrollment period works because if you miss it, you may later be assessed a late penalty and may have to wait until the next general enrollment period to enroll, possibly causing you to miss out. medical coverage for a period of time when you work beyond normal retirement age. Many of you have probably already signed up. on Part A at age 65 and have had it in place the entire time coordinating with

your

employer's group health benefits; however, if you have not yet enrolled in Part A, your special enrollment period for Part A will be the same as for Part B, you will have an eight-month special enrollment period that begins the month after your enrollment ends. employment and creditable health coverage from your employer, for example, if you lose creditable coverage on March 31, you have until November 30 to enroll in Parts A and B to avoid any delays. penalties, but of course, if you wait until November to sign up for Medicare, you would be without coverage for several months, so it's better to sign up sooner rather than later.

Your special enrollment period is the same even if you have Cobra or retiree coverage. Charges and coverage for retirees. They are not creditable coverage for Medicare because both types of coverage pay secondary to Medicare. Medicare is primary, so even if you qualify for 18 months of Cobra or lifetime retiree coverage, you must enroll in Medicare during your special enrollment period or you'll incur late penalties Now that we've discussed when you should sign up, let's talk about how you should proceed and continue if you don't already have Part A, you can go to the Social Security website and apply for Part A;

However, for Part B there are a few necessary forms that you and your employer must complete: the CMS for TB, which is an application for Part B, and the CMS Form 156, which is a request for employment information that your employer will complete. to attest to your dates of creditable coverage, which you can send by mail. or take these forms in person to your local Social Security office; However, during the mixed pandemic, when so many local Social Security offices have been closed, Social Security has also launched an online portal where you can submit this information to apply for Part B online.

Using their special enrollment period, we're hoping they'll keep this Part B application online even after the pandemic is over, so we'll post a link for you in the description area below this video now if you decide to go. . the paper application route and for some reason your employer is unable to complete their portion of the Employment Information Request Form, then you, the beneficiary, may complete section a by leaving employer section b blank and will include at least one other Acceptable proof of group health coverage. Some acceptable forms of proof may include, but are not limited to, a certificate of creditable coverage from your previous group insurance a copy of your health insurance cards with effective dates income tax returns showing health insurance premiums paid or even stubs payments that reflect health insurance premium deductions, you basically need to prove to Social Security that you don't owe any penalties for delaying Part B because, of course, you maintain that other creditable coverage.

Some people pay more than this standard base premium for Part B because they have high incomes, so if your earned income is more than 87,000 as a single filer or 174,000 as a married filer. Social Security will likely assess a monthly adjustment amount related to income or in addition to your monthly Part B premium; However, since you are

retiring

and may no longer have that higher amount of income in the future, you can appeal your higher Part B premium by completing and submitting SSA Form 44, which is the event herma form that life-changing for Medicare. Use this form to notify Social Security that your income has changed due to a life-changing event, which in this case is retirement or what they call layoff.

We also have an entire YouTube video dedicated to this topic, so we'll link to that along with all the forms we just mentioned in the description below the video, while you have eight months to sign. enroll in Medicare Part B after leaving work the special enrollment period for Medicare Part D is much shorter your special enrollment period for Part D begins the day you lose creditable drug coverage and now lasts a total of two months if your employer offers retiree coverage that generally includes prescription drug coverage, you may be able to delay Part D while you have that retiree coverage.

Check with your employer's human resources department to see if retiree drug coverage is creditable; Lastly, Part D, Part D plans are not sold. Through Medicare, you will instead enroll with a private insurance company that offers Part D coverage in your state. If you enroll in your Medigap plan through boomer benefits, we will help you find the most cost-effective initial Part D drug plan. Once you have Part A and Part B you can enroll in a Medigap or Medicare Advantage plan. If you plan to opt for a Medigap plan, keep in mind that you will have only six months from the effective date of Part B to enroll in a Medigap plan without having to answer any health questions, such as whether your last day employer coverage deadline is March 31 and you apply for Part B during the month of March, your Part B will likely start on April 1.

April 1 would then be the first day of your open enrollment in Medigap. six-month period will end on September 30. After that point, you will still apply for Medigap, but you will have to answer health questions in most states and your acceptance is not guaranteed now if you decide to sign up. In a Medicare Advantage plan instead of a Medigap plan, you will have two months from the last day of your employer coverage to do this. If you miss this two-month special enrollment period, you will have to wait until the next annual election period that begins in October of each year.

So many election periods, how can a new Medicare beneficiary keep track of them all? Don't worry, we can help you and our service here is completely free as soon as you know your Medicare ID number, call our team at eight one seven. two four nine eighty six hundred and we can help you find the most cost-effective Medicare plan. In the meantime, check out our supplemental Medicare Advantage vs. Medicare video right here.