Delay In Signing Up For Medicare ?
Talking with my sister, she suggested I should reach out to you on the subject of signing up for Medicare. I turned 65 in October of 2024. I am still working, and covered under my employer’s (University Of Chicago Medicine) healthcare plan (an AETNA HMO). I had an understanding that I HAD to enroll in Medicare in order to establish/maintain eligibility. I did enroll in Traditional Medicare, and in Medicare Part B. My sister thought that as lo9ng as I was still working I could have delayed signing up. My question (multi-part) – should I/could I have delayed? And – at this point is it possible to safely exit Medicare (and save myself the Part B premium) without incurring any penalty for re-enrolling in the future, when I actually DO retire/stop working?
Terry Says
Oh wow, you made an expensive mistake! If you are covered by other insurance, there is absolutely NO REASON to sign up for Medicare (and pay for both!). And that signup meant you could no longer contribute to a Health Savings Account if one is offered at work.
At this point, it really depends on how long you plan to work. Yes, you can withdraw from Medicare if you have private insurance — but honestly you are opening up a potential for real disaster! Read the details in this article from AARP.
You didn’t mention having a supplement. Currently is your work insurance serving as your Medicare supplement?? Please discuss this with your employer’s HR department.
