It’s becoming a common scenario: You’re creeping closer to your 65th birthday, which means you’ll be eligible for Medicare, yet you already have health insurance through work.
Sound familiar? If so, you might have options.
While workers at businesses with fewer than 20 employees generally must sign up for Medicare at age 65, people working for larger companies typically have a choice: They can stick with their group plan and delay signing up for Medicare without facing penalties down the road, or drop the company option and go with Medicare.
Jahi Chikwendiu | The Washington Post | Getty Images
“The advice I give is to calculate the financial impact for each option,” said Elizabeth Gavino, founder of Lewin & Gavino in New York and an independent broker and general agent for Medicare plans. “Figure out your cost based on your usage and your medication, and do a comparison on what your outlay may be.”
The share of people age 65 to 74 in the workforce has been steadily rising for years….