Many people over the age of 65 are choosing to remain in the workforce. As Americans we are living and working much longer than previous generations. While this is a good thing, you may be faced with a decision of staying on your small company’s insurance plan or enrolling for Medicare. Here is how this will work.

Medicare as Primary Provider

If you are employed by a small company you should choose Medicare Part A & B as your primary insurance while keeping your employer’s insurance as backup. Here is how this works:

For Medicare Part A you will have a deductible of $1260 for the year. Your workplace insurance may actually have a lower deductible than that. IF that is the case, then after your health care provider bills Medicare the can then bill your work insurance. You will only pay your work plan’s deductible. The difference will be covered by your work insurance.

For Medicare Part B the situation is similar. Part B covers up to 80% of your outpatient bill. This leaves you to cover the last 20%. However your work insurance can be billed for that final 20% and they will pay that benefit according to your plan. You may end up with a copay, but that is better than a full 20%.

Remember, if your employer’s insurance is a high deductible insurance plan, you will no longer be able to contribute to your HSA after enrolling in Medicare.

Contact Stano Law group for issues concerning Medicare benefits or insurance.