Registering for Medicare can be beneficial for you even while working and receiving employer coverage because Medicare will either be a primary or secondary source of coverage.
If you are waiting for your group coverage to end to enroll for Original Medicare, then you have the opportunity to enroll during the Special Enrollment Period, which will start after you quit your job or leave the coverage of the group. You also have an option to enroll for Medicare any time you want, even if you have coverage with your employer and are still working.
If you choose to continue with COBRA, you should not wait until your COBRA coverage ends to sign up with Medicare. If you do not enroll in time for Original Medicare, once your Special Enrollment Period is over, you have to wait until the General Enrollment Period. This period starts from January 1 to March 31.
When Do You Need to Apply for Medicare
This will depend on the situation. If you work for more than ten years and pay Medicare taxes, this will qualify you for Medicare Part A, premium-free. You will be automatically enrolled when you turn 65, regardless if you are still working or not. However, with Medicare Part B, you have to pay a premium.
Another requirement for Medicare eligibility is being a U.S. citizen or having at least five years of continuous permanent legal residence.
If you do not enroll with Medicare when you first become eligible, nor do you have other creditable health insurance, you will pay a late enrollment penalty. This late enrollment penalty for enrollment will only apply to Medicare Part B unless you also pay a Part A premium.
Temmen Insurance Can Help You Find a Plan!
If you are currently working and have employer coverage but are interested and eligible for a Medicare plan, contact Temmen Insurance today! We can help you determine which plan is best for you, and secure you with the extra coverage you need.