The main reason to delay Medicare coverage at age 65 is if you are not retired and still have comprehensive coverage from your employer.
Another reason is to continue funding a Health Savings Account (HSA). Once you enroll in Medicare, you are no longer eligible to contribute to an HSA.
It is important to consult your employer or union benefits administrator to understand how your insurance works before making the decision to enroll or defer Parts A and B. Some employer coverage may require that you enroll in Parts A and B in order to maintain full coverage with your employer.
In order to defer both Medicare parts A and B, one must:
To enroll in Social Security and Part A, and Defer Part B only:
How do you decide?
When you do retire…
*Note: many employees elect to use COBRA for their insurance 18 months after retirement. The Special enrollment Period starts when you retire, NOT when your COBRA period ends. Late enrollment penalties for Medicare are significant, so make sure to enroll within the 8 months after retiring.
How to Enroll/Defer
Visit the Social Security Website: https://www.ssa.gov/benefits/retirement
for further guidance on enrolling or delaying your Medicare Benefits. You can complete an application online.
You can also apply:
For Medicare specific questions:
call toll free 1-800-633-4227 (TTY 1-877-486-2048
If you have further questions, please do not hesitate to reach out. When it comes to Medicare planning, it is important to take the time frames seriously, as hefty, and sometimes lifelong penalties can occur when enrolling late.
To schedule a Medicare Overview Consultation, please email Alicia at firstname.lastname@example.org or call 248-731-7729
Daniel Shub, AIF®, RFC®
Wealth Advisor & Founder.
OCTO Capital Wealth Management
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