I just had a phone call from someone who is 67, still working and covered by her employer insurance plan.
A friend told her that she was going to incur a lifetime penalty because she did not enroll in Medicare at age 65. She was upset and confused. I was able to assure her that she would not have a penalty because she has had credible coverage from age 65. But the call led me to think and consequently write about the fact that there is a lot of information, and rules and policies about Medicare.
While it is true that there are penalties for not enrolling in Medicare at age 65, the penalties only apply IF you do not have credible coverage and IF you are not currently working or have a spouse that is working.
This is a common theme with Medicare. There are many rules and many exceptions to the rules. Everyone’s situation is different.
Another call I had was from a gal who was on Medicare disability and was trying to determine whether to stay on her husband’s employer’s plan or enroll in a Medicare plan. After several questions, we determined that staying on her husband’s plan for the next couple of years was the best choice for her. Again, each situation is different.
When someone calls me, I first ask a series of questions. How old are you? What is your current coverage? When do you plan to retire? Are you covered under your or your spouse’s employee insurance plan? Will that plan continue once you turn 65?
These questions can help determine the best course of action for you as you think about retirement and Medicare. If you are trying to make Medicare decisions, please feel free to call me and talk about your options. I am always willing to walk through your choices and help you feel confident about your decisions.
Please call Lynne Jones, licensed sales representative, at (480) 212-2246 or email me at lynnejones17@gmail.com. I would be happy to answer any questions you have about Medicare plans.