What if I’m eligible for Medicare but still working?

How does Medicare work if I’m eligible but still working? What if I’m also drawing social security? How does my spouse fit into all of this?

Medicare can seem like an overwhelming and intimidating time but it doesn’t have to be. A big part of the confusion and nervousness is regarding when you’re eligible but still working and how social security and your spouse can be affected. Here are a few of the most common questions surrounding this:

  • What if I’m turning 65 but still working? If you’re still working full time for a company with twenty or more employees, you are not required to enroll in Medicare Part B upon turning 65. You can wait until you retire. However, if the company you work for has less than twenty employees, you may be required to go ahead and enroll in Part B. Keep in mind, Part A is automatic and has no premium, but Part B almost always does have a premium associated with the coverage, depending on your income. You can still remain on the employer-provided group plan if you prefer.
  • What do I need to do if I’m still working and also drawing social security? If you turn 65, are working, and already drawing from your social security, you will be automatically enrolled in both Parts A and B, and the premium for Part B will be deducted from your social security. If you decide to come off of your employer’s group plan to go on a Medicare supplement, you can elect whether or not you’d like the Part D prescription coverage to be deducted from your social security as well.
  • What if I’m retiring but my spouse isn’t 65 yet? Your employer may offer a group retirement plan that your spouse can remain on but most times, they will need to get an individual health plan in place for themselves when you go on Medicare.

A lot of this is very situational and handled case by case. We are always happy to discuss those specific circumstances with you or you’re welcome to join one of our quarterly Medicare seminars as well. Please contact us at info@mcgriffwilliams.com or (352)371-7977 if we can be of assistance.

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