Many people over 65 in Camdenton continue to work well into their golden years. While the nature of the work may change, many times, one element does not change — their group health insurance coverage.
Having group health insurance coverage is nice, but when you turn 65, another type of coverage must be considered — Medicare.
Enrolling in Medicare While You Have Group Health Insurance
Signing up for Medicare when you have a group health insurance plan might seem unnecessary. After all, group health insurance often offers coverage and benefits that surpass what you would receive with Medicare. Regardless, in most cases, you will still need to sign up for Medicare if you work for a smaller organization.
If you work with a company with over 20 employees, your group health insurance is your primary coverage.
However, if you work with a company with less than 20 employees, Medicare is your primary insurance coverage.
What Happens if You Don’t Enroll in Medicare When You Turn 65?
It’s important to distinguish your primary insurance if you’re still employed and getting group health insurance through your employer. If Medicare is your primary provider, and you don’t enroll in Medicare, your claims could be denied. Because you didn’t enroll, your primary insurance, Medicare, will not be able to cover your claim. However, because you should have enrolled and your group health insurance coverage is considered secondary, they will not pick up your claim until your primary benefits kick in.
When Should You Enroll in Medicare?
The initial enrollment period to sign up for Medicare begins three months before you turn 65 and ends three months after you turn 65. That gives you a seven-month window to enroll and avoid penalties.
By enrolling in Medicare when you’re eligible, you’ll avoid those late penalties and avoid an expensive medical bill because your primary coverage shifted.
We know that this can be confusing and overwhelming for many people. If you would like to talk to someone about your options and review your health insurance with a knowledgeable agent, contact McGrath Insurance Group. We’ll sit down and review your Medicare and group health insurance options to help you find the right coverage for your personal needs.