Whether you’re saving for retirement or comfortably working past the age of 65, Medicare is a health-care choice for you. But, unfortunately, people frequently question our advisers, “Which is better, my employer’s group coverage or a Medicare plan?”
There is no right or wrong answer; the optimal plan meets your requirements, money, and lifestyle. Our agents at Medicare Geek are here to help you study and evaluate all of your plan options so you can discover the best match for you. However, here are a few things to consider when comparing employment coverage versus Medicare.
1.You don’t need to retire.
Many people believe that Medicare is exclusively available to seniors. However, this is not the case! You may enroll in Medicare while still working. Your employment position has no bearing on your Medicare eligibility.
If you sign up for Medicare while you’re still working, it may help your future retirement go more smoothly since you won’t have to change your health insurance.
2.Medicare Offers More Options
When you registered for health insurance via your job, you most likely had a limited number of options. This might make a move from work coverage to Medicare feel daunting for some people. Despite how overwhelming it may appear to pick one plan out of hundreds, Medicare’s plethora of alternatives might work to your advantage.
Enrolling in Medicare gives you additional options for finding a health care plan more suited to your requirements. By leaving your employer’s plan, you will be able to break free from the one-size-fits-all insurance paradigm. Many Medicare plans are offered by the same companies that provide workplace coverage. So, if you like the customer service you get from your current insurance company, you might be able to keep them on Medicare.
3.Your Costs Will Change
When you change your health insurance, some of your prices will vary. This varies per plan, but in general, Medicare offers greater benefits than employment coverage at a lesser cost. Switching to Medicare may be more cost-effective if you have a high-premium or high-deductible coverage through your job (or your spouse’s employment).
Remember that some aspects of Medicare (Part B and Part D premiums) can be modified based on income, but this only applies to a select group of people. Furthermore, you cannot add dependents to your Medicare coverage. As a result, you may need to make provisions for your spouse’s insurance. At Medicare Geek, our local medicare agents will consider all these factors as we assess the right Medicare plan for your needs.
4.Some Companies Will Require You to Enroll
If you work for fewer than 20 employees, you must enroll in Medicare once you’re eligible. Otherwise, you could face penalties later. However, work for a company with more than 20 people. You have the option of deferring (or delaying) Medicare Part B and Part D. Our advisers can assist you in taking the necessary procedures. Contact us to avoid late enrolment penalties and to verify that your prescription coverage is Medicare-creditable.
Get Help From Our Local Medicare Agents
Allow Medicare Geek to help you as you prepare to move from work coverage to Medicare. We can compare your employer’s plan to Medicare to help you discover the best coverage for your requirements. In addition, with advisors across the United States, we’re a nearby resource for local medicare and health insurance questions.
Schedule a call with us or call us at 808-652-5210 today!