More of us are choosing to work in our advanced years

For a variety of personal reasons, some of us continue to work after age 65. And when you do, you might delay taking your Social Security retirement benefits. You might mistakenly believe this means you cannot enroll in Medicare as well. Or, you might decide to keep your group health benefits from your employer, feeling secure in the doctors and plan you have. But by delaying your Medicare enrollment, you could be costing yourself thousands of dollars.

When you turn 65, you are entitled to your Medicare benefits (if you have worked and received enough quarter credits) whether you retire or not, even if you delay taking social security. And it will probably save you a lot of money.

Medicare Part A hospital coverage is free if you qualify for Medicare. Medicare Part B has a very low premium, currently about $105 per month. Although Part A and Part B both have deductibles, these two alone are probably as good as the group coverage you have. But, if you add a Medicare supplement, for as little as $100 per month, you will most certainly have much better coverage. And, your employer may pay for all the premiums, bringing your cost to as low as zero.

In many instances, the employer is paying a high portion of your premium on the group plan. Most plans we have seen, the employer is paying over $1,000 per month for each of their employees that are over age 65. Chances are your employer will be more than happy to pay your Medicare premium and your supplement premium as well. Depending on your prescription costs, a stand-alone prescription drug plan (Part D) can also be added. Once this is done you will end up with a lot lower out-of-pocket costs and your employer will end up with lower group insurance premiums.

It’s your right to enroll in Medicare during your “initial enrollment period” leading up to your 65th birthday. You don’t have to wait for your group insurance annual enrollment period. However, if you missed your initial enrollment period, you can still drop your group plan at their annual enrollment and then enroll in your Medicare and Medicare supplement. It’s all about comparing plans and costs while taking advantage of enrollment periods.

Randy Foulds is an independent health and life insurance agent in La Quinta. Foulds & Feldmann Insurance Agency can be reached at (760) 777-9400.