Retiring next year

[Foodbuilder]

I plan on retiring next year on 2/28/2019. I turn 65 in November 2018. I know I need to sign up for medicare part 1 when I turn 65 in November. My wife ( she is 66 and retired) and I are covered by my company's health insurance for which I pay my insurance premiums of $450/month plus $135/month dental. My question is when should my wife and I drop my company insurance coverage and get on Medicare Part 2 and Drug coverage? Should I let them overlap one month to insure coverage? Maybe add the medicare coverages 2/1 and drop my company insurance 3/1? Does medicare check to see if you are covered/or not covered by a plan?

 

[pacergal]

I would check your employee health insurance requirements through HR.
My work required you to begin Medicare when eligible, and go off their insurance. If family member was not medicare age, they could stay on employer plan.

 

[badatmath]

Check the summary plan description at your employer for the rules of your current plan.

 

[Bamaman]

You usually sign up online a couple of months before your 65th birthday for Medicare. Our Medicare supplements are through my ex company at discounted prices. We do have to go to the open market for Part D (medicines) and dental insurance ($33 x 2). Check what H/R says about Medicare.

 

[bUU]

You usually sign up online a couple of months before your 65th birthday for Medicare.

Just to clarify, must you do this if you still have employer provided insurance (i.e., is there some kind of file and suspend requirement)?

 

[Walt34]

Just to clarify, must you do this if you still have employer provided insurance (i.e., is there some kind of file and suspend requirement)?

It depends. If the employer-furnished insurance is there because you're still working, then no you don't have to sign up for Medicare. Keep documentation of this though. And be sure to sign up for Medicare as soon as you stop working.

But if you're retired then yes you have to sign up for Medicare or there will be a lifelong penalty when you do sign up.

 

[MBSC]

It depends. If the employer-furnished insurance is there because you're still working, then no you don't have to sign up for Medicare. Keep documentation of this though. And be sure to sign up for Medicare as soon as you stop working.

But if you're retired then yes you have to sign up for Medicare or there will be a lifelong penalty when you do sign up.

Retiree plans are always secondary to Medicare, as you stated.

Most employer plans are primary to Medicare. In this case, it is recommended to enroll in free (prepaid) Part A when first eligible unless the group plan is an HDHP and the person wants to continue contributing to the HSA. Part B can be delayed until the person loses their employer coverage.

Certain small group employer plans are secondary to Medicare. The person must enroll in both Part A and Part B at age 65. It is best to consult with the employer.

When to enroll in Medicare Part A and Part B: https://www.cms.gov/Outreach-and-Ed...ers-and-Unions/FS3-Enroll-in-Part-A-and-B.pdf

Situation: I have health insurance based on my (or my spouse’s) current employment, from an employer with fewer than 20 employees.

You should enroll in Part A and Part B when you turn 65. In this case, Medicare pays before your employer insurance. This means that Medicare is the primary payer for your health coverage.

 

[bUU]

Thanks!