If I Am Still Working When I Turn 65, Do I Need Medicare Part B?

If you have insurance through your job (or your spouse’s) and the company is larger than 20 employees, you may be able to delay Part B without acquiring a penalty. What’s more, is that you will receive an eight-month special enrollment period to sign up for Medicare Part B after you retiree.

❗However, please keep in mind these important details.

1. Firstly, here at Patterson Insurance Services, we always advise you to check with your company’s Human Resources Department to see if they want you to get Part B to be compatible with their insurance offering.
2. Secondly, over the past 10 years, our family agency has seen a substantial difference in regards to the cost and scope of coverage offered on employer plans.

In many cases, a Medicare Plan may offer more affordable coverage than your company plan when you turn 65 – even if you have a leadership position in a large company.

📆 We invite you to schedule a free review call where we can evaluate your current coverage to help you determine the best course of action for you. You can schedule a no-cost, no-obligation meeting, or send me a message here.

So let’s say you don’t work for a company with over 20 people.

➡️ Let’s say you are retired, self-employed, or you are working for a small company when you turn 65, what then? Do you need Part B?

✅ Yes. If you are 65 + and have employer coverage at a company with less than 20 employees, you need to enroll in Part B.

✅ Yes. If are under 65 on Medicare due to disability and work for an employer with less than 100 employees, you need to enroll in Part B.

✅ Yes, if you are turning 65 with Tricare for Life (TFL) or CHAMPVA, you need to enroll in Part B.

Here are other common scenarios where yes, you need to get Part B when you turn 65:

✅ If you have COBRA insurance, you must enroll in Part B as soon as you are eligible

✅ If you have RETIREE coverage, you must enroll in Part B as soon as you are eligible

✅ When you turn 65 and are currently enrolled in MEDICAID.

IMPORTANT
In most cases, if you don’t sign up for Part B when you’re first eligible, you’ll have to pay a late enrollment penalty. This is a lifetime penalty that you will pay each month when you do finally enroll in Part B.

THE BOTTOM LINE:
Unless you are on an employer plan with a company that has more than 20 employees, it is recommended that you enroll in Part B before you turn 65.