馃攳
Can I delay Medicare at 65 if I am covered by my Spouse's Employer Plan? - YouTube
Channel: unknown
[0]
[Music]
[4]
i have health insurance through my
[6]
spouse
[7]
should i delay medicare if your spouse
[10]
is currently working
[11]
and you are on their group employer
[13]
health insurance there's no
[14]
easy straightforward answer as to
[16]
whether medicare is better as it really
[18]
depends on your current plan
[21]
most people find that on an employer
[23]
group plan they'll save money and have
[25]
access to more comprehensive coverage
[27]
including dental and vision insurance
[30]
but let's take a look at the questions
[32]
to consider before deciding
[36]
first how much are the premiums the cost
[39]
for employer-based coverage can really
[41]
vary and most likely your spouse is
[43]
paying more to add you on to their plan
[45]
you'll want to compare this cost to the
[47]
total premiums you would be paying under
[49]
medicare
[50]
this includes the monthly premium for
[52]
medicare part a
[53]
and part b as well as any additional
[55]
coverage like medicare advantage
[57]
a medicare supplement medigap and part d
[60]
if it's not already included in your
[62]
medicare advantage plan
[65]
most people will not have a part a
[67]
premium if they have been working and
[68]
paying payroll taxes in the u.s for most
[71]
of their life
[72]
but there will be a part b premium for
[74]
everyone any other premiums will depend
[77]
on the type of coverage you choose
[79]
but don't be surprised if it starts to
[80]
add up once you add prescription drug
[83]
or supplemental insurance this may mean
[85]
that once you add it all up
[87]
your spouse's employer plan is a better
[89]
deal
[92]
second is the employer plan considered
[94]
creditable coverage
[96]
creditable coverage is medicare's
[98]
measure for prescription drug plans
[100]
and whether they meet the same level of
[101]
coverage as a basic medicare drug plan
[104]
if the prescription drug coverage in a
[106]
plan doesn't meet the standard for
[107]
creditable coverage
[108]
medicare can charge you a late
[110]
enrollment penalty for every month that
[112]
you had this other coverage
[113]
and delayed enrolling in part d
[117]
the bottom line here is that if your
[119]
employer group plan does not have
[120]
creditable drug coverage
[122]
you should consider enrolling in
[123]
medicare right away
[127]
third how is the cost sharing
[130]
you might have compared premiums already
[132]
but don't forget to also consider the
[134]
co-pays
[135]
co-insurance and deductibles
[138]
if a plan has low premiums it may be
[140]
because it has a very high deductible or
[142]
other out-of-pocket costs
[144]
or in the case of employer group
[146]
insurance it may just be that the
[148]
employer
[148]
is generous and covering most of the
[150]
cost the range of cost sharing for
[153]
medicare plans can also really vary
[155]
so make sure to carefully research your
[157]
options so that you know you are
[159]
comparing similar plans
[162]
and finally does the employer plan offer
[165]
in hsa
[167]
medicare plans do not include hsas and
[169]
you cannot contribute to an existing hsa
[172]
once you enroll in medicare
[175]
so if your spouse's plan has an hsa and
[178]
the contribution is higher with both of
[180]
you enrolled in the plan
[181]
you might consider delaying medicare in
[183]
order to keep growing your hsa
[187]
just remember that when your employer
[189]
coverage ends whether it's because your
[191]
spouse stopped working
[192]
or you decided to drop the plan during
[194]
open enrollment
[195]
don't forget to enroll in the parts of
[197]
medicare that you delayed
[199]
you will have special enrollment periods
[200]
for part b part d
[202]
medicare advantage and medigap but the
[205]
tricky thing is that each enrollment
[207]
period lasts for a different window of
[208]
time
[209]
for example the part b special
[211]
enrollment period is 8 months
[213]
while the part d special enrollment
[215]
period is 63 days
[217]
as long as you enroll in medicare within
[218]
these times you won't have any late
[221]
enrollment penalties
[224]
max medicare get more for your medicare
[228]
dollar
[229]
talk to a licensed insurance agent at
[231]
maxmedicare.com
[233]
or install the max medicare app on your
[237]
phone
Most Recent Videos:
You can go back to the homepage right here: Homepage