Three Things to Know About Medicare While You're Still Working

Turning 65? Here's what to consider.

If you're approaching 65 and still working, you're not alone — and you're not automatically required to enroll in Medicare right away. For many people, the decision is more nuanced than it first appears. Here are three things to understand before you decide.

1. You May Be Able to Delay, But It Depends on Your Coverage

If you have health insurance through your employer (or through your spouse's employer), you may be able to delay enrolling in certain parts of Medicare without penalty.

The key question: Is your current coverage considered "creditable"?

In general:

• If your employer has 20 or more employees, your group coverage is typically considered creditable, and you can delay Part B.

  • It's also worth confirming whether your prescription drug coverage qualifies as creditable. If it doesn't, you may want to enroll in Part D to avoid penalties down the road.

• If your employer has fewer than 20 employees, Medicare may become your primary coverage at 65, and delaying enrollment could create gaps. This is one of the most important details to confirm before you make any decisions.

2. Timing Still Matters, Even If You Wait

Delaying Medicare doesn't mean putting it out of mind entirely.

When your employer coverage ends — whether you retire or change jobs — you'll typically qualify for a Special Enrollment Period. Depending on your situation, you may have up to 8 months to enroll in Part B without a late penalty.

Missing that window can mean:

• Permanent late enrollment penalties

• Gaps in coverage

Starting the planning process a few months before your employer coverage ends gives you room to make a confident decision.

3. Medicare Might Actually Save You Money

Even if you're satisfied with your employer coverage, it's worth taking a closer look.

Some people choose to enroll in Part A at 65 — because it's often premium-free — while keeping employer coverage for everything else. Others find that Medicare, or a combination of Medicare and their current plan, results in lower premiums or reduced out-of-pocket costs.

Every situation is different. A quick side-by-side comparison can tell you a lot.

Get a Second Set of Eyes

Balancing employer coverage and Medicare involves more variables than most people expect. A licensed advisor can review your specific situation — your current plan, your employer's size, your prescriptions — and help you figure out the right timing before it becomes a problem.

There's no cost for a consultation. Schedule yours here.

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