Enrolling in Part A and/or B Medicare
There are a couple rules of thumb to know about enrolling in Part A and/or B Medicare...
If you draw Social Security retirement benefits prior to age 65 you will be automatically enrolled in Medicare Parts A and B, and you will receive your Medicare ID card about 90 days before your 65th birthday month.
If you are working when you turn 65 you must contact Social Security and request to activate Part A and/or B. Depending on your particular circumstances, one, both, or neither may be your best option. The decision depends on a multitude of factors. This is why we encourage individual consultation, so we can advise the path that best suits your needs and preferences, while creating the best value for you.
Form OMB No. 0938-1230 must be completed by the prospective Medicare beneficiary. Include the Medicare effective date you want in the REMARKS section. Your employer must complete form OMB No. 0938-0787. Instructions are included with each form.
The two forms may be turned into Social Security by mail or in person at the local Fayetteville AR Social Security Office.
I'm working and turning 65, what must I do?
First, speak to your Human Resource (HR) Department. They will give you information about any requirements your employer may have regarding your benefits and how they interact with Medicare eligibility and/or enrollment.
If your employer coverage is deemed creditable by the Centers for Medicare and Medicaid (CMS) you will not be penalized if you elect to postpone Part B enrollment and remain on your employer coverage.
There are considerations to make regarding activation of Part A Medicare. It may or may not be to your advantage depending on the structure of the insurance you have through your employer.
Contact us to request a review comparing your current benefits with Medicare. We will illustrate your options so you can decide what the most advantageous direction will be.
I have a Health Savings Account(HSA). What happens when I turn 65?
Rules regarding Health Savings Accounts (HSAs) change when you turn 65.
If you and/or your employer are contributing to a HSA you can continue to do so if you remain on employer coverage and do not enroll in Medicare Parts A or B.
Should you elect to enroll in Medicare Parts A or B, you can no longer contribute tax exempt funds to your HSA. However, you can use the funds to pay premium for Parts B and D Medicare after turning 65.