The Top Mistakes Seniors Make with Medicare Enrollment Part 3
Updated: Mar 17, 2020
Leslie S. McMillan, Benefits Broker
YOU CAN KEEP YOUR HIGH DEDUCTIBLE HEALTH PLAN WHEN YOUR 65
Once you enroll in any part of Medicare, you won't be able to contribute to your HSA. If you would like to continue making contributions to your HSA, AND are not collecting social security, you can delay both Part A and Part B until you (or your spouse) stop working or lose that employer coverage. You just won't apply for Medicare A or B when you turn 65.
You can then wait until your employer health plan is expected to end. It is your responsibility to notify social security in a timely way when you are ready to start Medicare. IMPORTANT NOTE: IF YOU DO NOT HAVE A GROUP HEALTH PLAN, WHEN YOU TURN 65 and postpone enrollment in Part A and beyond your initial enrollment period of three months before your 65th birthday, the month of your 65th birthday or the three months after, you risk having to pay penalities for late enrollment when you apply for Part B and Part D (prescription drug coverage) at a later time. If you are waiting because you are well and don't think you need a Medicare Supplement, Medicare RX or Medicare Advantage plan, you are doing yourself a disservice. Not only will the penalties increase your premiums for these coverages for the REST of your life, the pricing may make it unaffordable for you. Plus you will be responsible for 20% of your medical and RX costs that are not covered by Medicare Part A and B.
There is a form that you must submit to Medicare as early as three months before you want your Medicare Part A and B to start. It must be signed by your employer attesting to the fact that you had "creditable group health coverage". Once the form is completed it needs to be sent to Social Security for processing. You can NOT enroll in a Medicare Supplement, Medicare RX or Medicare Advantage plan until you have your Medicare card number.
Contact Leslie S. McMillan if you would like someone that can assist you in evaluating your Medicare Supplement, Medicare RX Plan and Medicare Advantage options. Leslie S McMillan is certified to sell Medicare in NC.
Leslie S McMillan is Marketplace Elite Circle of Champions Health Insurance Broker, Certified to sell Healthcare .gov Health plans, Medicare Plans such as Medicare Supplements, Medicare RX plans and Medicare Advantage Plans, Short Term Medical Health plans, Accident and Life Insurance. She is available by phone or email to answer your questions. She is always "Bringing Clarity to Confusion". Reach out to her today.