🇺🇸 A trusted non-government website. Here's how you know.
716.833.0252
Do I Still Need Medicare If I Work Past 65 Living In WNY?
By Andrew L Hibbard @WNYMrMedicare
Originally Posted: 27 MAR 2023
Updated & Revised:
Last week, I answered to common question around if you’ll get a late penalty signing up for Medicare after 65. Essentially, suspending Medicare benefits and waiting to sign up later in life.
Many readers who now know how to avoid a late penalty also assume that Medicare must not be needed. A foolish assumption.
After working directly with 850+ WNY’ers determine and decide what to do with Medicare before turning 65, and indirectly working with hundreds more, I would argue the assumption above does not take into account the most important fact to make a best, most informed decision…which is…
What is most financially favorable to YOU?
That is THE critical, complimentary question that you should be asking, which many in WNY don’t even think (or know) to ask. Said another way, is moving to Medicare at 65 a better bang for your buck versus your potential healthcare plan from work. Simple and straight-forward, it’s a matter of where are your dollars best spent and go furthest? What else matters more?
If you agree, here is a list of the top 10 questions I suggest you use to help shed some light for you on which way to go with Medicare…
(QUESTION 1)
If you are turning 65 and plan to keep working --- do you work for an employer with MORE THAN 20 employees?
a. If ‘YES,’ you MAY NOT need to sign up for Medicare at the present time but make sure to compare coverage and costs between keeping your work insurance plan or dropping it for a private Medicare insurance plan. (If your work plan makes more financial sense, it is imperative you pre-file your preliminary “Proof of Credible Coverage” form so you can avoid the costly lifetime late enrollment penalty later).
b. If ‘NO,’ meaning you work somewhere with 19 or less employees, you MAY HAVE TO sign up for Medicare, even if you can keep your health insurance from your employer, so you’ll need to do your due diligence and confirm.
(QUESTION 2)
If you are turning 65, plan to keep working, and you work for an employer with MORE THAN 20 employees --- is your health insurance plan a high deductible plan? Terrible coverage you do not like and wish, or want, to be better? More expensive to buy than Medicare?
a. If ‘YES,’ you MAY WANT to drop your health insurance plan from your employer and sign up for Medicare and pick a private Medicare plan because the coverage, as well as cost, makes more financial sense.
b. If ‘NOT SURE,’ you MAY WANT to compare coverage and costs between keeping your work insurance plan or dropping it to sign up and start Medicare and pick a private Medicare insurance plan. (If your work plan makes more financial sense, it is imperative you pre-file your preliminary “Proof of Credible Coverage” form so you can avoid the costly lifetime late enrollment penalty later).
c. If ‘NO,’ meaning you love your health insurance plan from work, you MAY NOT need to sign up for Medicare at the present time but it is imperative you pre-file your preliminary “Proof of Credible Coverage” form so you can avoid the costly lifetime late enrollment penalty later.
(QUESTION 3)
If you choose to suspend your Medicare at age 65, does your Employer HR Department offer to fill out and file your preliminary “Proof of Credible Coverage” form, and coordinate your coverage for you? Or will you have to complete on your own?
a. If ‘YES,’ do they know the new rules, regulations, and requirements passed in the Consolidated Appropriations Act to ensure you do not have the typical 90-day processing delay?
b. If ‘NO,’ you will have your work cut out for you, so be sure to set aside some time to learn these new rules, regulations, and requirements.
(QUESTION 4)
If you are turning 65 and plan to continue working --- does your employer require you to sign up for Medicare Part A?
a. If ‘YES,’ will you qualify for “premium-free” Part A? Or will you have to pay monthly for Medicare Part A?
b. If ‘NO,’ it is imperative you pre-file your preliminary “Proof of Credible Coverage” form so you can avoid the costly lifetime late enrollment penalty later.
(QUESTION 5)
If you are turning 65 and plan to continue working --- does your employer require you to sign up for Medicare Part B?
a. If ‘YES,’ do you know how much you will pay for your monthly Medicare Part B premium? (Everybody is assessed a monthly Medicare Part B premium based on your income from the last two years which, ironically, is likely your highest earning years while working).
b. If ‘NO,’ it is imperative you pre-file your preliminary “Proof of Credible Coverage” form so you can avoid the costly lifetime late enrollment penalty later.
(QUESTION 6)
Is your current cost for health insurance from work (an Employer Group Health Plan, or EGHP) more expensive, or less expensive, than what it would cost for you to move to Medicare?
(QUESTION 7)
Are there other people (spouse or dependents) who are currently insured by you carrying health insurance through your Employer, but will need to choose and buy their own coverage if you move to Medicare?
(QUESTION 8)
Will it be more advantageous to your current family finances and future financial security to move to Medicare, and have your spouse, or dependents, or both, choose and buy their own coverage --- or for you to remain paying the current cost for health insurance from work (an Employer Group Health Plan, or EGHP)?
(QUESTION 9)
If you choose to sign up and start Medicare at 65 and continue to work, will you stay “bare” with Original Medicare, or choose to buy an additional private insurance plan?
(QUESTION 10)
If you choose to buy an additional private insurance plan, do you understand what Medicare Part A covers, Medicare Part B covers, Medicare Part C covers, Medicare Part D covers, and the drastic differences between Medicare Supplement, Medigap, and Medicare Advantage?
So, how'd you do?
Where do you see your situation?
Does it make sense to sign up and start Medicare at 65, or suspend?
Do you need more information? Do you have more questions that need answers?
Maybe you assumed too much ahead of time and now need to reconsider?
There are a lot of nuances in the numbers and some serious differences in decisions needed to be made between situations and scenarios.
Ok, there’s a lot to deal with, right? I get it.
And as an active adult in WNY, who’s always on the run, you need a smart solution to cut through all the clutter.
If you want some light shed on your situation, your hand held the whole way, and making your move to Medicare simpler, easier, seemingly stress-free and almost effortless, I can do just that. Here's how...
NEARING AGE 65 AND AREN'T SURE WHERE TO START?
**If you are TURNING 65 IN 6-12 MONTHS, my #1 Amazon best-selling guidebook, "Starting Medicare Smartly" will give you a great overview of everything you need to know, before you need to know it. Instead of buying on Amazon for $12.99, click HERE now and let me send you a completely free copy, all at my expense.
**If you are TURNING 65 IN 4-6 MONTHS, you should be getting ready to enroll and your paperwork prepared to either sign up at 65, or suspend --- you can't do nothing. If you don't have the time or desire to deal with doing any of the dirty work with Medicare yourself, OR, you feel frustrated, confused and kind of clueless about figuring out the fine print with Medicare, you can rely on my free Medicare SmartStart Program and let me take away all your stress of trying to tackle anything on your own. It's how I help people just like you. Weekly availability is limited to the first 10 folks, and maximum 40 per month. Don't delay. Click HERE now to learn more about my nationally recognized program, and how you can put it to work for you --- for free.
**If you are TURNING 65 IN 1-4 MONTHS, you are cutting it close to your Medicare late penalty period. If you have NOT yet filled out and filed your Medicare forms, you are behind and against the clock. It is URGENT we get together as soon as possible so I can do all I can, before it's too late, to help you avoid paying a costly late penalty for life. Click HERE now to immediately schedule an emergency Medicare SmartStart Strategy Session with me...if there are any still available.
HAVE MORE MEDICARE QUESTIONS?
Read the most common questions folks in WNY ask when they aren’t sure how to get started with Medicare. Click HERE to see the complete Medicare SmartStart Answers article archive.
ABOUT THE AUTHOR
Andrew L Hibbard is a prominent name when mentioning Medicare in WNY, but one you may have never heard of. Working behind-the-scenes, he is a best-selling author, expert advisor and successful agency owner. Focused on educating first, Andrew prides himself on being considered “the only advocate in WNY fighting for better and more reliable Medicare resources, free from insurance company conflict of interests.”
To take away the stress of trying to tackle Medicare alone and feeling forced to figure it all out by yourself --- Andrew created the WNY Medicare SmartStart Program; a free, step-by-step plan, that holds you by the hand to sign up and start Medicare smartly. (More than 850+ people have gone through the program and call it “the lazy way to get Medicare done for you without costing you a dime”).
**SPECIAL FREE GIFT** If you want to see how hundreds of WNY'ers each year are doing things different with Medicare, and getting it all done in record time, you can request a special "Medicare SmartStarter Info Kit” at no-cost to you, Andrew will give it to you as his free gift. It will prove, without a doubt, why his Medicare SmartStart Program is widely considered the most popular and preferred way to sign up and get started with Medicare in WNY, Guaranteed! Simply click HERE right now, and everything will be rushed to you right away. It's that easy!
NEARING AGE 65 AND AREN'T SURE WHERE TO START?
**If you are TURNING 65 IN 6-12 MONTHS, my #1 Amazon best-selling guidebook, "Starting Medicare Smartly" will give you a great overview of everything you need to know, before you need to know it. Instead of buying on Amazon for $12.99, click HERE now and let me send you a completely free copy, all at my expense.
**If you are TURNING 65 IN 4-6 MONTHS, you should be getting ready to enroll and your paperwork prepared to either sign up at 65, or suspend --- you can't do nothing. If you don't have the time or desire to deal with doing any of the dirty work with Medicare yourself, OR, you feel frustrated, confused and kind of clueless about figuring out the fine print with Medicare, you can rely on my free Medicare SmartStart Program and let me take away all your stress of trying to tackle anything on your own. It's how I help people just like you. Weekly availability is limited to the first 10 folks, and maximum 40 per month. Don't delay. Click HERE now to learn more about my nationally recognized program, and how you can put it to work for you --- for free.
**If you are TURNING 65 IN 1-4 MONTHS, you are cutting it close to your Medicare late penalty period. If you have NOT yet filled out and filed your Medicare forms, you are behind and against the clock. It is URGENT we get together as soon as possible so I can do all I can, before it's too late, to help you avoid paying a costly late penalty for life. Click HERE now to immediately schedule an emergency Medicare SmartStart Strategy Session with me...if there are any still available.
HAVE MORE MEDICARE QUESTIONS?
Read the most common questions folks in WNY ask when they aren’t sure how to get started with Medicare. Click HERE to see the complete Medicare SmartStart Answers article archive.
ABOUT THE AUTHOR
Andrew L Hibbard is a prominent name when mentioning Medicare in WNY, but one you may have never heard of. Working behind-the-scenes, he is a best-selling author, expert advisor and successful agency owner. Focused on educating first, Andrew prides himself on being considered “the only advocate in WNY fighting for better and more reliable Medicare resources, free from insurance company conflict of interests.”
To take away the stress of trying to tackle Medicare alone and feeling forced to figure it all out by yourself --- Andrew created the WNY Medicare SmartStart Program; a free, step-by-step plan, that holds you by the hand to sign up and start Medicare smartly. (More than 850+ people have gone through the program and call it “the lazy way to get Medicare done for you without costing you a dime”).
**SPECIAL FREE GIFT** If you want to see how hundreds of WNY'ers each year are doing things different with Medicare, and getting it all done in record time, you can request a special "Medicare SmartStarter Info Kit” at no-cost to you, Andrew will give it to you as his free gift. It will prove, without a doubt, why his Medicare SmartStart Program is widely considered the most popular and preferred way to sign up and get started with Medicare in WNY, Guaranteed! Simply click HERE right now, and everything will be rushed to you right away. It's that easy!
You Can Feel Confident Knowing What To Do With Medicare.
I Can Take Away The Stress Of Trying To Tackle It On Your Own.
Figuring out all the fine print with Medicare doesn't need to feel stressful. You don't have to spend your scarce free time at home, alone, in isolation, relying on your own assumptions and hit-or-miss guesses, attempting to do-it-yourself.
Confidently knowing exactly what to do (and when) with Medicare is the key to avoiding future fines and fees and only my Medicare SmartStart Program will show you how.
If you don't have the time or the desire to deal with Medicare directly, and want a BETTER, SMARTER, time-saving solution to short-cut hours of your own trial and error so you know --- without question --- you aren't messing anything up making a mistake...
Let me put my proven Medicare SmartStart Program to work for you.
Click the link below to take the next step and schedule a complimentary Medicare SmartStart Strategy Session with me --- it's that easy!
You Can Feel Confident Knowing What To Do With Medicare.
I Can Take Away The Stress Of Trying To Tackle It On Your Own.
Figuring out all the fine print with Medicare doesn't need to feel stressful. You don't have to spend your scarce free time at home, alone, in isolation, relying on your own assumptions and hit-or-miss guesses, attempting to do-it-yourself.
Confidently knowing exactly what to do (and when) with Medicare is the key to avoiding future fines and fees and only my Medicare SmartStart Program will show you how.
If you don't have the time or the desire to deal with Medicare directly, and want a BETTER, SMARTER, time-saving solution to short-cut hours of your own trial and error so you know --- without question --- you aren't messing anything up making a mistake...
Let me put my proven Medicare SmartStart Program to work for you.
Click the link below to take the next step and schedule a complimentary Medicare SmartStart Strategy Session with me --- it's that easy!
Get Started For FREE!
Who Is Andrew Hibbard?
Since 2015, Andrew has helped over 850+ Western New Yorkers through his nationally recognized Medicare SmartStart Program, taking away all the stress from folks trying to tackle Medicare on their own. His impressive record of success has been gotten Andrew featured in Forever Young Magazine and the BEE Group Newspapers, exclusive interviews on WECK Radio's Senior Matter's Program, and author an #1 Amazon best-selling guidebook on the subject, "Starting Medicare Smartly," revealing how the rules specifically and significantly differ for NY residents versus other states.
- 716.833.0252
Copyright 2015-2022. www.WNYmedicare.org
All Rights Reserved.