Can I drop my employer’s health insurance and go on Medicare?

More people are working at the age of 65 than were in previous generations when Medicare was first written into law. You may be still be working and receiving employer health insurance when you turn 65 and become eligible for Medicare.

You may wonder, can I drop my employer’s health insurance and go on Medicare? Should I drop my health insurance through work and go on Medicare?

These are important questions to ask. We will go over key information that will help you make the best decision for your situation. When you’re ready to start comparing life insurance quotes in your area, enter your ZIP code above. If you’re not yet ready to buy life insurance, read on to learn more.

Should I drop my employer health plan and go on Medicare?

This is a question many people face. The answer isn’t completely simple, but we’re going to try and simplify it. There are two parts to Medicare, Part A, and Part B. Part A is hospital insurance.

This covers the costs of hospital stays, etc. Most people who have been working and paying into Medicare throughout their life qualify for free Part A coverage.

Part B covers the costs of medical services, doctor’s visits, etc. Medicare Part B costs money every year in health care coinsurance. When you turn 65, you should sign up for Part A coverage whether or not you have employer health insurance since you will likely get this coverage for free.

The real question is whether you should sign up for Part B coverage if you already have employer health insurance coverage. If you work in a place with less than 20 employees, you should sign up for Part B coverage when you become eligible.

However, if you work in a bigger company with more than 20 employees, you should see your human resources representative and find out if you are currently on a group health care plan. If so, you should delay getting Part B coverage.

What happens if I don’t get medicare?

If you don’t get Medicare when you become eligible and you try to get Medicare later, you could be charged a late fee for failing to enroll. If you know you are going to stick with an employer health plan, reach out to Medicare and file for a delay in coverage so you are not penalized later.

Medicare coverage is a great health insurance resource for many people. When you are ready to start comparing Medicare quotes in your area, enter your ZIP code below. Which life insurance company is for you? Find out now.