For many folks, October conjures up thoughts of costumes, scary stories, and memories of bonfires and hayrides. Some of my favorite memories are from back in the Midwest, where corn mazes were plentiful, and getting scared and lost in them was strangely fun!
Speaking of mazes, Medicare can be scary for folks to work through because it can be a complex maze of options and deadlines. I came across a success story recently from a few years back when our advisor resolved a client's fear about enrollment dates and penalties. We uncovered some opportunities for him and even got him a refund for penalties Medicare erroneously imposed!
Our Certified Medicare Planners® are experts in simplifying the Medicare process. They know the right questions to ask to uncover opportunities and alleviate fears when making decisions. With their guidance, working through Medicare becomes a straightforward process when leaving your comfortable group plan.
Folks working past age 65, planning to retire, or considering COBRA create the perfect time to learn about Medicare options at a workshop and consult a Certified Medicare Planner®. When you are on your employer's group plan, you aren't considering Medicare. We can explain why and when you should.
Help us get the word out to your employer! We are here to help guide employees through the confusion of Medicare and make Medicare@work123easy. Would you like a free CMS-approved Medicare Educational Workshop held at your company to benefit your employees? Your gift to them! Contact us to learn more.
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
This is spot on about Medicare being like a maze, especially for people still working past 65. Here's what most people are surprised to learn: if you're still working and covered by your employer's group health plan with 20 or more employees, you can actually delay enrolling in Medicare Part B without penalty. The Centers for Medicare & Medicaid Services calls this "creditable coverage," and it protects you from the usual late enrollment penalty of 10% per year.
But here's where it gets tricky. When you do retire and lose that group coverage, you only have an 8-month Special Enrollment Period to sign up for Medicare Part B without penalties. Miss that window, and you'll pay that 10% penalty for as long as you have Medicare. That's where having a Certified Medicare Planner® really makes a difference. They can help you time everything perfectly so you don't have coverage gaps or unnecessary costs.
The good news is that once you understand the timeline, it's actually pretty straightforward. A little planning ahead can save you hundreds of dollars every year.