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Posted by Aaron J. Stein, CPCU, CFP - 0 comments


When most Americans reach the age of 65 they become eligible to receive Social Security and Medicare.  The conventional wisdom is that when a person reaches age 65 life gets easier so far as having bases covered from a health insurance point of view. There are important decisions to be made which could substantially impact the quality of your medical care and the cost to you for providing that care. Recent generations are much more mobile and active than those around when Social Security and later on Medicare were created. This has great importance when considering the option of Medicare Supplement or Medicare Advantage. People today (on average) are living longer than those that created Social Security and Medicare could possibly imagine. This increased longevity has important  significance when looking long term and thinking about all the ways people need to view their
coverage exposures. Over the next few weeks we will attempt to layout some of the things people need to be concerned about when arranging their Medicare Supplement; Medicare Advantage or Part D plan.

Today’s Topic:  What Medicare Supplement do I need if I have access to an employer plan and continue to work full time?

The answer is … it depends. Many of the people we meet have decided to continue working past the age of 65. In many cases, they have the option of remaining on employer sponsored health insurance or waiving off once they are eligible for Medicare. For the employer.. the deciding factor is usually the reduction in monthly health insurance premiums makes it very attractive for the employee to waive. The matter is not so clear clear cut for the employee and the matter gets even more challenging when the person turning 65 is the business owner or a key employee.

There are a number of items that go in to making the choice between maintaining group coverage or switching to a Medicare A and B plus a Medicare Part D (to cover prescriptions) decision.  From AARP -  Most employers cannot require employees (or their spouses) who turn 65 to sign up for Medicare. While still working, you must be offered the same benefit options as younger employees. If you do sign up for Medicare and your employer has fewer than 20 workers (or fewer than 100 if you have Medicare through disability), then Medicare becomes primary. This means Medicare pays your medical claims first and your employer plan serves as secondary insurance, covering services that Medicare doesn't, according to the plan's terms.”  For those working in companies with fewer than 20 employees the group health provider coordinates their payment of bills with Medicare. The health plan will not pay for expenses that should have been paid for by Medicare since in a company of this size… Medicare coverage is primary. Call us to receive your FREE copy of - Medicare and Other Health Benefits: Your Guide to Who Pays First – published by the Centers for Medicare and Medicaid Services. Since Medicare Part A is an automatic coverage with NO cost this coverage is generally not what is missing for people at claim time. Medicare Part B is also an