Are you curious about the status of your Medicare eligibility? There is no single answer for this question- it all depends on your situation. Read on to learn more about how Medicare eligibility works under a variety of circumstances, and what your status is. Absolute Best Insurance is an expert at helping our clients navigate the ins and outs of Medicare. If you’re looking for “life insurance agents near me” in Palm Beach County, call Absolute Best Insurance today!
Determining Your Medicare Eligibility
If you’ve worked at least 10 years (40 quarters) under Medicare-covered employment, and also paid Medicare taxes throughout this period, you qualify for premium-free Medicare Part A and will be enrolled automatically at age 65 even if you’re still working. You can also qualify for premium-free Medicare Part A based on the work history of your spouse if they have enough employment quarters. Another eligibility requirement is that you have to be an American citizen or permanent legal resident for at least five years continuously. If your work history does not meet Medicare Part A requirements without paying a premium, then you can decide to delay enrollment if you already have health coverage through an employer or union (or through your own work or the employer of your spouse). Medicare Part B comes with a monthly premium, which is why you may want to delay your Part B enrollment if you or your spouse are still working and have coverage from your employer.
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One essential component to keep in mind is that even if your employer or union gives you health coverage, Medicare can still help pay for some of the costs not covered by your group health plan. Enrolling in Medicare may be useful if you work for a small company (less than 20 employees), for example, since Medicare can still be your primary payer before your group health insurance. You may wish to consult with your employer or union benefits administrator for some specifics on how your health coverage and costs may compare with Medicare. If you decide to enroll in Medicare Part A and/or B after your group coverage ends, there is an 8-month Special Enrollment Period you can sign up for Medicare beginning whenever you stop working or your group coverage ends (whichever happens first). You can also enroll in Medicare at any point that you are still working and have employer-based coverage. If you select COBRA after you stop working, do not wait until your COBRA coverage finishes to sign up for Medicare. If you’re late enrolling in Medicare Part A and/or Part B and your Special Enrollment Period is over, you’ll have to wait until the next General Enrollment Period (Jan 1 to March 31) to enroll, and you may end up paying a late-enrollment penalty.
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If you are unsure about your medicare eligibility, you can check with our dedicated agents here at Absolute Best Insurance. If you’re looking for “life insurance agents near me” in Palm Beach County, call Absolute Best Insurance today!