Working past 65? Preparation is key.

Just because you’ve reached age 65, doesn’t mean you’re ready to retire.

In fact, nearly nine million Americans over 65 have chosen to keep working. Did you know that even if you continue to work past age 65, a Medicare plan may be a good choice for you?

• Over 65 and working for a few more years

  You may want to consider signing up for Part A (the hospitalization part of Medicare). There is no charge for Part A for most people; and if you’re part of an employer plan, Medicare might already pay benefits under Part A.

  Whether or not you should enroll in Part B and a Medicare plan (the part that covers doctor visits and outpatient services) depends on the size of your company, how much you pay toward your group premium, and if you need coverage for a spouse and/or dependent. You must pay a premium for Part B. We have licensed Representatives who can help you determine what coverage makes the most sense for your individual needs.

• When you decide to stop working

  When you leave your job and your employee coverage, you can enroll in Part B during a Special Enrollment Period (SEP). This period lasts for 8 months after you stop working. If you still do not enroll after 8 months, you may face a penalty for late-enrollment. If you have a particular retirement date in mind, you will want to make sure you have planned enough time in advance of that date to have both Medicare and your Medicare plan in place. You won’t want to be without health coverage once you leave work.

• Medicare Part B and COBRA coverage

  It’s important to remember that COBRA is not considered employee coverage. So if you’re getting health coverage through COBRA and delay your enrollment in Part B, you will not be eligible for a Special Enrollment Period and you’ll face a late-enrollment penalty.