Here are some important things to know when you are about to turn 65 or are already 65 or older and have the option to stay on your employer coverage.
Once you are 65, you have the choice of staying on your employer coverage or going on full Medicare.
This is a decision you must make yourself. Your employer is prohibited by federal law from encouraging you to leave their coverage and go on full Medicare. However, it is often the right choice financially and healthwise for you to go on full Medicare.
If you choose to stay on your employer coverage past when you are eligible for Medicare, you can choose to change to full Medicare at any time.
Once you decide to leave employer coverage and go on full Medicare, you will need to have your employer complete and sign form CMS-L564E - a form provided by Social Security in which your employer attests you have had credible health insurance with them and verifies when you are leaving that coverage.
When you first go on Medicare Part B, you will be able to enroll in any Medicare Supplement plan - including Plan G - offered in your area with no health questions because you will be in your 6-month Open Enrollment period that commences with your Medicare Part B effective date.
You will also be able to enroll in a Medicare Part D drug plan without penalty because you will have a two-month Special Election Period due to losing the drug coverage with your employer plan.
Charles Bradshaw's Medicare Blogs
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