Leaving Group Health
If your employer already offers group health insurance, you can choose to stick with it or move to a Medicare plan that’s right for you. It’s also possible to stay enrolled in both for a more comprehensive plan that serves your healthcare needs.
Sometimes, employers also continue to offer health insurance even when you have retired, so while that is something important to consider, we still recommend that you enroll in Medicare as soon as you become eligible so you can already be part of the program.
Why Should You Choose Medicare?
Your group health plan may provide you great coverage, but it’s best to consider Medicare as well. The Initial Enrollment Period (IEP) is a seven-month long period that begins three months before your 65th birthday. During the IEP, you can opt for Medicare Part A, B, C, or D.
It’s essential to sign up for Parts A, B (Original Medicare), or D as soon as you become eligible. Otherwise, you may have to permanently pay a higher monthly premium due to late enrollment. Therefore, you should choose a Medicare plan as early as you can. Also, most beneficiaries receive Part A with no premium, so enrolling in this part of Medicare would be more beneficial to you than not enrolling in Medicare at all.
It’s also important to note that in order to enroll in other parts of Medicare, you will need to be enrolled in Original Medicare first.
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Choosing Medicare And Canceling Group Health
It’s possible to bypass the late enrollment penalties when you’ve delayed your Medicare enrollment. This is because you’ll be able to take advantage of a Special Enrollment Period (SEP) that enables you to enroll in Medicare without paying any penalties. However, to enroll during an SEP, you must qualify for it. Being enrolled in a group health plan could excuse you to delay your enrollment and enroll during a SEP when you lose your coverage.
Many people opt for Part A upon becoming eligible. Part A doesn’t typically require you to pay a monthly premium since they’re paid for out of your income taxes. You can take advantage of this premium-free plan that offers you extremely inexpensive additional health coverage.
Combining Medicare With Group Health
A scenario that provides you the best of both worlds is to combine your employee health insurance with a Medicare plan. You’ll have to see which one will be the primary form of insurance and which will be secondary.
The primary healthcare plan covers your medical costs first, while the secondary plan pays the remaining costs. Employment insurance plans covering twenty members or less will be secondary payers, with Medicare as the primary source. If the group health plan comprises over twenty people, Medicare will be the secondary payer.
Find The Right Strategy For Your Health
If you need help deciding which healthcare strategy is best for you, we’re here to help.
At Sims Insurance Medicare Plans, we ensure that you’re equipped with a healthcare plan that caters to your needs. Contact us today at (541) 915-0939.