Narrator: As you approach your 65th birthday,
there's no doubt you've started to receive information
in the mail about Medicare, a lot of information.
Which path will you take on your healthcare journey?
Whether you're ready to retire the day you turn 65
or plan to keep working,
there are a few things to consider.
First, it's important to determine
what type of coverage you will have access to
when you retire.
Take some time to meet with your employer's benefits team.
Your retiree coverage could be enough
or you may want to add Medicare as a secondary option.
In some cases, Medicare may even take over
as your primary insurer when you turn 65
with your retiree coverage backing it up.
If you don't enroll during your initial enrollment period,
you can face penalties.
Even more serious, if you don't plan carefully,
you could end up with a gap in your coverage.
Questions to ask,
what are my coverage options once I turn 65?
Should I consider adding Medicare?
How will my family's coverage be impacted?
Still hard at work?
If you're planning to work past 65,
there are two common scenarios you may find yourself in.
Scenario one, if your employer is small
20 employees or less,
they may require that you get Medicare when you turn 65.
Drug coverage is another consideration.
Does your employer's program qualify as credible coverage?
If not, you may face a penalty.
Questions to ask,
check with your employer's benefits team
to ensure your drug coverage is considered credible
and to ask for a notice of credible coverage.
Find out how your Medicare choices
might affect your family's coverage options.
A lot of Medicare problems occur because people don't talk
to their employer's benefits team in advance.
Even if you plan to continue working,
it's best to meet with them before you turn 65.
Scenario two, if you work for a larger employer
you should sit down
and compare your employer plan to Medicare
as you approach age 65.
You should do this even if you're still working.
Many people think, "I've got great employer coverage.
As long as I'm working, I don't need Medicare."
Maybe, but you might be surprised.
More and more people have high deductible health plans.
So it's worth checking what Medicare would cost you
and what the benefits would be to add Medicare
as secondary coverage or switch to it completely
even while you're still working.
Questions to ask,
check to see what the impact
of switching to Medicare might be.
Will it save you money?
Will your family still be able to continue
to use your employer's coverage?
Will you lose access to that coverage option
once you switch?
Regardless of which path to retirement you choose,
you don't have to navigate it alone.
A licensed insurance agent
can help compare your employer coverage
and your Medicare options to see which will work best
and possibly save you money.
They can also answer questions like,
"What will Medicare cost me?
How does Medicare work with my HSA?
What about COBRA?"
We would be happy to connect you
to a trusted local insurance agent
for a no cost personalized consultation.
Just give us a call.
(upbeat music)