Medicare
I am 66 and currently covered under my employer’s health insurance. If I would like to drop my employer’s insurance, while still working full-time, and purchase Plan G supplement, will I be penalized? Plan G may cost less with better coverage than my work plan.
Thank you,
Terry Says
It’s certainly worth investigating. BUT, you need to know the full cost of going on Medicare. It’s not only the supplement, and the Part D coverage which you must sign up for. Your Part B premium is determined by your income. And that means your income on a joint return! And they look back two years at your income to determine this year’s Part B premium.
So you could wind up paying a lot more for Part B than the standard $185/mo for 2025. If your income is over $196,000, you could find yourself paying as much as $591/month for your Part B premium, plus the supplement and Part D!!!
Here’s a link to the scale of increased payments estimated for 2025, based on your income from two years previous.
