The Medicare program can provide healthcare at a much cheaper rate than normal insurance, but if you are continuing working and have employer healthcare past the automatic enrollment period, you may want to delay enrollment.
Have you been receiving Social Security or Railroad Retirement benefits for at least 4 months before age 65?
If you are, you will be automatically enrolled in Medicare Part A when you turn 65. You will also be enrolled in Part B unless you opt out. If you have not been receiving Social Security, move on to the next question.
When do you plan to enroll in Medicare?
If you plan to enroll in Medicare when you start collecting Social Security, you will automatically be enrolled in Part A. If you plan to enroll after age 65 but before claiming Social Security, then you will have to sign up for Medicare. See “Will I Avoid Medicare Enrollment Penalties?” flowchart.
The rules for Medicare enrollment can be complicated, and there are potential penalties if you enroll too late. To see more information about automatic enrollment, check out this flowchart.
If you would like to schedule a call to talk about planning strategies that incorporate Medicare, please give us a call at 303-440-2906 or click here to schedule a time to speak with us.
Robert J. Pyle, CFP®, CFA is president of Diversified Asset Management, Inc. (DAMI). DAMI is licensed as an investment adviser with the State of Colorado Division of Securities, and its investment advisory representatives are licensed by the State of Colorado. DAMI will only transact business in other states to the extent DAMI has made the requisite notice filings or obtained the necessary licensing in such state. No follow up or individualized responses to persons in other jurisdictions that involve either rendering or attempting to render personalized investment advice for compensation will be made absent compliance with applicable legal requirements, or an applicable exemption or exclusion. It does not constitute investment or tax advice. To contact Robert, call 303-440-2906 or e-mail firstname.lastname@example.org.
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