Medicare Late Retiree scenarios you should know:
Over 65 and working for a few more years:
If you’re part of an employer plan, Medicare might already pay benefits under Part A, the hospitalization part of Medicare. Whether or not you should enroll in Part B (the part that covers doctor visits and outpatient services) depends on the size of your company, how much you pay toward your group premium and if you need coverage for a spouse and/or dependent. We have licensed Insurance Advisors who specialize in Medicare plans. They can review your situation and help you determine exactly what coverage makes the most sense for you.
When you decide to stop working:
When you leave your job and your employer coverage, you can enroll in Part B during a Special Enrollment Period (SEP). This period lasts for 8 months after you stop working. If you still do not enroll after 8 months, you may face a penalty for late enrollment.
Find Your Special Enrollment Period
Enter your retirement date or the date you’ll be losing employer coverage (whichever is first)
If you stop working in
Eligible to enroll until
May start receiving penalties
Medicare Part B and COBRA coverage:
It’s important to remember that COBRA is not considered employer coverage. So, if you’re getting health coverage through COBRA and delay your enrollment in Part B, you will not be eligible for a Special Enrollment Period and you’ll face a late-enrollment penalty.