Getting Medicare when you retire
JUST US INSURANCE – MEDICARE TIP OF THE DAY –
Heather and Jay Gray -The Father Daughter Team
San Marcos, Escondido, Vista, Ca.
Getting Medicare when you retire
If you (or your spouse) are getting ready to retire, or if you lose your job-based health insurance before you stop working, you have a limited time to sign up for Medicare without penalty. You may want to start thinking about signing up for Medicare a few months before you retire. We can help you with this at Just Us Insurance!
5 things to do before signing up for Medicare
- Ask the employer or benefits administrator how its retiree coverage works with Medicare. You’ll want to know if your (or your family’s) current benefits will change, if they offer retirement coverage or other supplemental coverage that works with Medicare, and if any drug coverage they offer is creditable drug coverage
- Check when your current coverage ends and sign up for Medicare about a month earlier. Signing up for Medicare before your current coverage ends can help you avoid a gap in coverage.
- Ask the employer to fill out the employment form. You’ll need this extra form to qualify for a Special Enrollment Period to sign up without penalty.
- Find Medicare plans in your area, if you don’t have retiree coverage or if the employer doesn’t offer creditable drug coverage. If you join a Medicare Advantage Plan or Medicare drug plan, coverage starts the first day of the next month.
- To avoid a tax penalty, you and your employer should stop contributing to your Health Savings Account (HSA) 6 months before you retire or apply for benefits from Social Security (or the Railroad Retirement Board).
Why should I stop contributions before I retire?
JUST US INSURANCE –San Marcos, Escondido, Vista , Ca.
OVER 20 YEARS MAKING MEDICARE EASY
