I'm planning on working full time as long as my body allows me to, probably to age 70 anyway. Do I have to pay for medicare when I reach 65, even though I don't need it until I retire?
Do I have to accept medicare if I'm still working?
The place to ask is when you sign up for SS. You do realize you can draw SS & make all the money you want after a certain age. For me it was 65. I think it might be 66 now.
mpabbott1 - If you are working and have insurance through your employer, you can keep it as long as you are employed. But you need to check with your Human Resources Dept. to be sure their insurance is an approved program. Once you actually retire, you can start Medicare without penalty. You do not pay Medicare premiums until you start using Medicare. Drawing SS is a separate issue. As we all know, however, the best place for all this information is the SS people. Since it is very important to do it right, be sure you are getting info from the official source. The SS Administration has a pretty good website and lots of information there.
My insurance company requires people that turn the age to receive Medicare to get it. In exchange they reimburse me for it in the cost of my premiums. So, be sure to check with your current insurance company, also.
My accountant told me to sign up for SS as soon as I was 62 so I would be on books and all is in place when I need it including the Medicare A and B. I had to pay back some figure I can not remember but it was well worth it to do it early so there was no hassle later. When I turned 65 and retired everything was in place and no problems. Great advice for me.
With all the changes they are making, I would ask your accountant or someone who works with that sort of thing and then make my decision. I personally think you would be wise to get on the books before the new changes then you are grandfathered in. Just my opinion.
Yes apply for it and your company insurance pays as a supplement
If you wait you will be penalized
Hopefully you've checked with your company about what they need you to do once you qualify for Medicare. With many larger companies you are still covered under their plan as primary coverage. You would sign up for Part A coverage( hospital) at no cost. After you are no longer covered by your company insurance then you get into signing up for Medicare part B and other supplemental including drug coverage.This is all separate from Social Security. Again this is what we found with the two companies my husband and I work for,so yours might be different.
There is no penalty for NOT signing up at 65, if you have better insurance through your company - I waited until the company "eliminated my position" at 68.
The only thing to remember about penalties is that if you are NOT covered by a company insurance you have a window to sign up for stuff and if you don't sign up in time, then when you do sign up you may a penalty. So best to check well ahead of when you might need to sign up to make sure you know that information.
I found out that my BCBS policy coverage changed when I became eligible for medicare. I thought I didn't need medicare but was wrong. Luckily I was able to sign up for medicare within the window period around my birthday (age 65) to avoid penalties.
I was lucky to have gotten it figured out before the window period lapsed.
My advise is if you are turning 65 find out what your insurance will pay when you do.
Yes, so many of them become your secondary insurance once you are on Medicare. Medicare pays first.
Sign up for Part A at 65 and if you are still working wait till you retire to start Part B as you company insurance will be the 1st payer.
Learned all this the hard way
Just retired from work Friday even tho I have been 65 for a while
Congrats on your retirement LavinaMae. I hope you enjoy yours as much as I am enjoying mine!
Important to sign up ( register) with Medicare and if your employer will still insure you via the work plan.then you can hold the Medicare and there will be no Medicare it with no Medicare premium. You still,have to register with Medicare. There is a form your employer is supposed to give you each year so that when you finally do retire you can prove to Medicare you have been insured. If not your premiums will be higher permanently. The best resource for all this info is your work HR department.