Ask Terry Questions Medicare if covered at work

Medicare if covered at work

By Terry Savage on June 01, 2024 | Insurance & Annuities

I am turning 65 soon. I am currently employed with healthcare and don”t plan on retiring until I reach FRA. I am told that I have to sign up for Medicare before my 65 th birthday or face a lifetime penalty. Can I do that online and if so, since I have work supplied medical insurance, which parts am I required to sign up for at this time?

Terry Says

Whoever told you that is WRONG — unless your company has fewer than 20 employees.  In that case, their health insurance may require you to sign up for Medicare Part A and B, as a condition of their health insurance plan.  So ask your HR department.

But in general, you CAN sign up for Medicare part A when you turn age 65.  It doesn’t cost any money.  The only drawback is once you sign up you can no longer contribute to a Health Savings Account, if you have one.

But you are not required (except as described above) tosign up for Medicare while you have comparable coverage from work.



a personal
finance question