If you are still working at 65 and have health insurance through your employer or a union, the answer depends on the size of the company you work for. If your employer has fewer than 20 employees, Medicare is your primary insurance. In this case, you will need both Part A & B since Medicare will pay first, with your group insurance paying secondary. If your company has more than 20 employees, there is no need to enroll in Part A or Part B as your employer group insurance will be primary. When you stop working, or your employer group coverage ends, you have an 8-month Special Enrollment Period to sign up for Medicare.
One important thing to be aware of is if you choose COBRA after you stop working and do not enroll in Medicare Part A and Part B, you may have to pay a late enrollment penalty when your COBRA ends and you enroll in Medicare. You will also have to wait until the Medicare General Enrollment Period (January 1st to March 31st every year) to enroll, which may cause a gap in your health care coverage. If you are unsure about what you need to do when turning 65, call us and we will review your situation and provide guidance on what you should do.
