When human resource professionals come to us for employee guidance, at least five popular scenarios regarding Medicare and employees arise.
1. Is there a penalty to stay on an employer's plan and defer Medicare until later?
2. Can you keep contributing to an HSA if you enroll in Medicare Part A and keep working?
3. Does it benefit me to keep my group plan and add Medicare?
4. Can I go on COBRA instead of Medicare when I leave my employer when I am 65 or older?
5. Which parts of Medicare will replace my current group plan?
If you encounter questions like these and more routinely from employees, let our team help with the answers. There is never a charge for the guidance we provide. We are here to help make those conversations easier.
Interested in us facilitating an educational workshop for your employees, where they can learn about the basics of Medicare and ask us questions? We can bring the learning to you!
The answers to the above, #2 and #4 are NO. The remaining questions yield more unique answers—specific to your situation. We can help!
Help us get the word out to your employer, too!
We are here to help guide employees in clearing the confusion of Medicare to make Medicare at work 123Easy. To schedule an educational workshop - call me at 602-975-0222.
By American Retirement Advisors
American Retirement Advisors helps retirees and pre-retirees navigate Medicare, estate planning, and retirement income — so you can enjoy the retirement you've earned.
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Easy Eddie's Take
The article hits on something I see all the time—workplace Medicare confusion. Let's take a look at those "NO" answers together. Once you enroll in Medicare Part A, the Internal Revenue Service says you can't contribute to a Health Savings Account anymore, even if you're still working. That's a big surprise for most people planning to work past 65. And here's another one: "Can I just take COBRA instead of Medicare when I retire at 65 or older?" While you technically can, COBRA doesn't give you creditable coverage for Medicare purposes, so you might face late enrollment penalties later with the Centers for Medicare & Medicaid Services.
Most people are surprised when they learn this, but if you have creditable employer coverage with 20 or more employees, you can actually delay Medicare Part B without penalties. That's the good news for folks who want to keep working. The key is making sure your employer plan is considered "creditable coverage" by Medicare standards. Once you see how these rules work together, planning your Medicare transition becomes much more manageable.