Not every senior is ready for retirement at 65. Those who intend to keep working may be able to delay their Medicare enrollment. But there are several things to consider before making such a decision. To know more, read on!
Can Medicare Enrollment Be Delayed?
People who meet the following criteria may be able to register for Medicare during the Special Enrollment Period (SEP), thus, allowing them to not enroll during the Initial Enrollment Period (IEP). Here are the conditions that need to be met to delay Medicare enrollment without paying the penalty.
- The individual must have active health insurance coverage from their current employer, or
- They must be covered under their spouse’s employer-sponsored health insurance plan.
Registering for Medicare Before Retirement
If any of the conditions below describe one’s current situation, they may still need to enroll for full Medicare coverage during the Initial Enrollment Period at the age of 65, even if they intend to continue working.
- The individual’s employer has fewer than a total of 20 employees.
- The spouse’s plan requires any dependents who are eligible for Medicare to sign up for Medicare coverage.
- The individual has coverage through a retiree health plan or COBRA.
How Do Special Enrollment Periods Work?
If one does qualify for a Special Enrollment Period based on their current employment, they can enroll for Medicare without having to pay the penalty during the following instances.
- Any month while one remains covered under a group health insurance plan that is provided by an employer.
- During the eight-month period that starts on the month one ends their employment or loses their group coverage.
Most people can enroll for Medicare even if they intend to continue working. In such a case, enrolling during the Initial Enrollment Period is the best and easiest option. Those who have an existing medical coverage/insurance plan should consult a Medicare agent or their HR to understand how their current plan will work with Medicare and to know which plan will provide coverage under which instances.
