Normally, you’re required to enroll in Medicare at age 65, or else pay higher premiums when you do enroll later. However, there is one caveat to this rule: Those who are still working, and covered by an employer’s healthcare policy, might be able to delay Medicare enrollment without incurring the penalty.
With more people over 65 continuing to work, this issue has taken on increased importance. Here’s what you need to know if you’re still employed when you reach your 65th birthday.
The Size of Your Employer Matters
Many people make the mistake of assuming that Medicare will cover all of their healthcare needs. But in reality, Medicare encompasses an enormous variety of plans, all with different coverage and limits.
Original Medicare (Parts A and B) does not offer routine dental and vision coverage, although Part A does cover medically necessary services received in the hospital. In the vast majority of cases this does not include dental and vision care. So, beneficiaries must plan to cover those services out of pocket.
Some Medicare Part C (Advantage) plans cover dental and vision. Another option is to shop around for plans that do cover these needs. Remember, you’re not limited to Original Medicare. Some Medicare Advantage plans do offer some dental and vision coverage. These plans roll Medicare Parts A and B into one convenient plan, and often they include Part D (prescription) coverage as well. To compete and offer better service, some Advantage plans also include dental and vision services.
Advantage plans vary according to geographic area, and premiums can differ significantly as well. Therefore, it’s important to work with an experienced Medicare broker to identify the plans that offer the coverage you want. Then, calculate expenses to determine whether the plan will benefit you.
Medicare Supplement Insurance Plans provide other options. Also called Medigap, Medicare Supplement plans are designed to pay expenses like copayments and deductibles, so that beneficiaries can better manage their healthcare budgets. Some of these plans also offer dental and vision coverage or a discount program for these services.
Once again, since Supplement plans vary significantly in their coverage, consulting a Medicare broker can be helpful to estimate expenses and understand coverage limits.
Dental and vision care can be vital to overall health, helping to identify certain chronic conditions early and prevent more serious (and costly) complications later. You are wise to investigate this portion of your coverage, and to carefully consider your options with regard to Advantage or Supplement plans.
Our licensed and certified agents are in your local area and ready to answer your questions and help you with the Medicare application process – all at no cost or obligation!