Our office received a panicked call from Martin. His older brother scolded him for not doing anything to sign up for Medicare, as Martin was turning 65 in just four weeks. "You'll get a penalty if you don't get on the stick and get signed up, and you'll pay the penalty of waiting for the rest of your life!" His brother stated in a harassing tone and gave him the links to the government sites to enroll in Parts A and B.
Then Martin's wife said, "Why don't you call 123EasyMedicare as I heard they are the Best Medicare Advisors to make this an easy process." Martin called and quickly secured an appointment.
When meeting with his advisor, he was amazed at all of his Medicare choices. He was even more amazed to find out that while he was still working and covered under his employer's health plan, he could stay on it (as it was considered creditable coverage) and not enroll in Medicare. "Nobody told me that!" he lamented.
His advisor continued with additional research, and after completing a "Stay or Go Analysis™," Martin discovered that he would have improved benefits with a Medicare plan and at a lower cost than his employer health plan. So, even though he could stay on his employer plan, he chose to go on Medicare. Now armed with actual details, Martin felt great about his decision and could not wait to call his brother and let him know about the "fact-based decision-making process" he enjoyed with his 123EasyMedicare Certified Medicare Planner®!
Got a last-minute friend or relative? All is not lost; call experts for advice! We can help!
By David Edge
David Edge is a retirement lifestyle writer and contributor to the ARA monthly newsletter. His articles blend personal stories with practical insights on living well in retirement.
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Easy Eddie's Take
David's story about Martin really hits home because this confusion happens all the time. Here's the good news: if you're still working at 65 and have creditable coverage through your employer (meaning it meets Medicare's standards), you typically have up to eight months after you stop working or lose that coverage to enroll in Medicare Part B without penalty. The Centers for Medicare & Medicaid Services calls this a Special Enrollment Period, and it's one of the most misunderstood rules out there.
Most people are surprised when they learn this, but a "Stay or Go Analysis" like Martin had is really smart. Sometimes employer coverage beats Medicare Advantage or Medicare Supplement plans, and sometimes it doesn't. It all depends on your specific situation, costs, and what doctors you want to see. The key is comparing apples to apples: premiums, deductibles, out-of-pocket maximums, and whether your preferred providers are in-network.
Once you see how the Medicare Initial Enrollment Period and Special Enrollment Periods actually work, it's not nearly as scary as that panicked phone call makes it seem. A little preparation today can make a big difference tomorrow.