Working Past Age 65 and Medicare - What to Do?

if you're about to turn 65 but you're still  working what do you do about medicare it's an   important issue that comes up a lot these days and  i'm going to go over that right now so stay tuned   okay so if you are turning 65 time to sign  up for medicare but you're still working   what do you do and these days certainly 65 is not  necessarily the defining time to retire or stop   working a lot of people either have to or want  to continue working past age 65 so what do you   do about medicare and it's really important that  you get this right because it can come back to   bite you if we don't do it correctly so i'm going  to go through that right now i'm keith arnbrecht   founder of medicare on video i help people across  the country make the right medicare choices   and i can absolutely help you as well something  you want to do right now subscribe to my channel   because you're going to need more medicare  information as you go along and get closer   to the time that you want to start medicare so i'm  going to give you an idea on exactly what you need   to do right now and also if you stay with me till  the end i'll show you how to download my free book   medicare made clear which has everything  that you need to know about medicare   i go over all the pieces i have videos in the  book i have all the links everything that you need   in your medicare journey is right in this  book and you can have it for free you can   download it right now i'll show you exactly how  right now we're going to talk about what to do   if you're still working past age 65 and  you're eligible for medicare and it's a   little complicated so they make it harder than  it needs to be so the first thing to understand   is there's a line on how big your employer is and  that's a pretty big deal and i have no idea why   they do it this way but they do but that line is  20 so it's different if you work for an employer   with less than 20 employees or if you work for an  employer that has 20 or more employees so it's 20   or more or really 19 or less so those are the two  dividing lines on what to do with your medicare   and it's completely different so how you're  supposed to know how many employees how many   employees your employer reports to the government  as being regular employees whether it's 15 or 20   somehow you're supposed to know that but that is  the way it is so if you work for an employer that   has 19 or less employees medicare is primary  so when you turn 65 if you work for that small   employer medicare becomes primary so what you want  to do in that case is absolutely come off your   employer plan so your employer could be paying a  majority of your costs for that employer plan but   generally on smaller employees it's not usually  the same but medicare is the first payer so that   work insurance isn't going to pay because  medicare is supposed to pay so we want to   make sure we understand that so if you're working  for somebody less than 19 employees and again   if it's right on the line i'm not sure exactly how  you're going to figure that out but that is the   rule so you want to make sure you sign up for your  medicare a your medicare part b and i have videos   on all this stuff on my youtube channel so make  sure you subscribe and you can go through videos   as you need them and i come out with videos all  the time so it's all medicare and we make sure   that we get it right but less than 20 employees 19  or less you're going to want to go on to medicare   so a and b and then you decide whether you stay  on original go on a medicare advantage another   big decision make sure you check out the video  and then we piece it all together from there so   important understand that so if we are at an  employer that's larger than 20 employees the group   insurance is primary so you may not  want to come off your group insurance   if you are working for an employer that has 20 or  more employees and generally contributes to the   cost of your employer plan now if you had the plan  side by side if you were paying 100 of your group   coverage versus 100 of medicare generally medicare  is going to be much better and much lower cost so   the reason you would want to stay on a group plan  is if the employer is covering the majority or   sometimes even 100 percent of the employee premium  so that's the difference on the larger employee   employer is you'll likely want to stay on your  group plan until you're ready to retire now it's   important to understand if you do this there's a  couple other things you need to really understand   you do not want to start your medicare part b  and medicare part b should not start unless you   initiate it but it confuses a lot of people a lot  of people start it when they turn 65 so if you are   going to stay on your work insurance you do not  want to start part b so why don't we want to start   part b number one it has a premium so you don't  want to pay that premium when you're not using   it and you're still using your group plan but  also and equally as important it's a trigger   so when you come into medicare and generally  if it's at age 65 you have free reign to pick   anything you want without any medical questions  so you can be in good health or not good health   and you can choose anything you want once your  medicare has been in place for more than six   months that's no longer the case you have to go  through medical underwriting on certain issues   to be able to get some things that you might want  so part b is that trigger so if you're not going   to come into medicare at 65 you do  not want to start your medicare part b   because when you do retire if it's at 68 70 75  whatever it may be and you start your part b   at that point that's your trigger so it's just  like turning 65 you can pick anything you want   you don't have to worry about health questions  or height or weight or any of that stuff   so make sure if you stay on your group coverage  and you're at an employer larger than 20   that you don't start your part b now another  issue that comes up a lot is what about my   spouse so a lot of times an employee has their  spouse on their plan as well and that's their   primary insurance so this can get a little  complicated as well so first instance if you're   less than 65 and your spouse is turning 65  and she's on your plan or he's on your plan   then likely it'll make sense for them to come  off your plan and go into medicare because that   goes back to apple's apples what's a better deal  medicare or group insurance and generally the   employer is not paying for the dependent on the  group coverage so usually it makes a lot of sense   for the dependent to come off the group coverage  go into medicare better coverage lower cost   and so forth so give us a call we can easily  walk right through that with you and let you know   if it makes sense to do it or doesn't  make sense to do it but same thing   if they're not gonna go into medicare do not start  part b but generally the dependent makes a more   sense to go into medicare and come off the group  plan now the other scenario what if i'm turning 65   i'm the employee and my dependent my spouse is 60  and not ready for medicare now this can absolutely   be complicated because a lot of times if you end  your employer coverage and come into medicare   it ends for your dependent as well so some larger  employers allow a dependent to stay on but this   can get complicated and something that really  give us a call we can walk through the scenarios   figure out the best way because we don't want  obviously to mess up our spouse's coverage because   we're ready for medicare but there are some ways  to to make it more beneficial so we want to make   sure that we take care of all that so in any  case when you are coming off your group plan   if you're going to retire past age 65 you're  going to need some additional paperwork you're   going to need an employer coverage form that  your employer fills out that shows that you've   had coverage all this time past age 65 so that you  don't have a penalty on your medicare part b so   we have to get this form filled out and you can  find it right on my website medicareonvideo.com   easy to do just we have to make sure it gets done  so you can download it right off my site you email   it to your hr department or whoever handles  your health insurance they fill it out give it   back to you and then you submit that to medicare  when it's time to enroll after age 65. so these   you can see it's a little complicated if you're  still working especially if you have less than 20   employees it's it's silly complicated so if more  than 20 employees makes sense generally for the   employee to stay on but doesn't usually make sense  for the dependent to stay on and then if it's   vice versa and the employee is older and the  dependents younger it can be complicated so we're   happy to help with all this that's exactly what  i do is i help people with their medicare choices   i'm an independent insurance broker there's no  cost to you to allow me to help you so hopefully   you will allow me to help you we'll make sure we  get all your pieces in the right places make sure   you get exactly what you want to have and then you  won't have to think about health insurance again   really for the rest of your life because medicare  is really really good which is kind of crazy   as well so a government program that absolutely  works fantastic as long as we do it right so stay   tuned right now we'll show you how to download my  book medicare made clear subscribe to the channel   like the video very helpful to me it gets it out  to more people and i hope you found this helpful   have a fantastic day thank you for taking the time  to watch my video hope you found it very helpful   here are a couple other things that you'll also  find helpful as you go through medicare the first   one is a copy of my book medicare made clear you  can download it right now for free i've put a lot   of time and effort into this book and you'll see  i covered just about every piece of medicare and   i've written it a way that makes it pretty easy to  understand now i also have videos throughout the   book so if you don't want to read through all the  information click on the video and i'll explain   it all to you right there you'll also find all the  links that you need to either sign up for medicare   or things that you're going to need now or in the  future when things come up related to medicare so   take just a minute go to medicare on video dot  com forward slash free book and you can download   it right now now also make sure once you're in  medicare that every year you come back and visit   medicare price check this is my other website  where i make it super easy for us to compare   our current coverage against new plans that may  be less expensive and remember that medicare   supplements are standardized so it doesn't matter  which insurance company we use we'll still have   the same plan g or the plan n that we have now but  hopefully we can get it at a lower price so visit   medicare medicarepricecheck.com real easy we'll  email you the quote if it makes sense then we'll   do it from there so i hope you found all this  helpful have a fantastic day hey don't go anywhere   these are some of my most recent videos right here  you can also find the link right below this video   to download my book medicare made clear absolutely  free you can also subscribe to my channel right   here so please download my book watch some  videos subscribe to the channel have a great day

Channel: Medicare on Video - HealthPlan65

Views: 99,788

Keywords: Medicare After 65, Retir, retirement planning, retirement, Turning 65, turning 65 what do i need to know about medicare, turning 65 medicare, turning 65 and still working

Id: Ib6wEZZqw6A

Length: 11min 43sec (703 seconds)

Published: Mon Feb 21 2022