Are you turning 65 and confused about whether or not you should enroll in Medicare? If so, then here are some special rules that you need to pay very SPECIAL attention to.

Rules Regarding Whether an Employee Needs to Enroll in Medicare When They Turn 65:

1.      If the Employer Has Less than 20 Employees Then the Employee Has to Enroll in Medicare Parts A & B

• If 20 OR MORE employees then the employee can choose whether or not to enroll in Medicare
  1. Medicare Part A is FREE
  2. Medicare Part B costs $135.50 per month unless household income is 170k + if married or 85k + for singles

2.      If the Employee or Their Spouse Is Disabled and on Medicare and Has Less than 100 Employees Then the Employee or Spouse Has to Enroll in Medicare Parts A & B

• If 100 OR MORE employees than the employee can choose whether or not to enroll in Medicare
  1. Medicare Part A is FREE
  2. Medicare Part B costs $135.50 per month unless household income is 170k + or if married 0r 85k + for singles

3.     It is recommended that the employee contact our Medicare department when they are 64 ½ for a Medicare analysis to determine if they should continue coverage under the group or terminate group coverage and enroll into Medicare and a Medicare supplement or Medicare Advantage plan

Rules Regarding Employees Age 65 + and Enrolling into an HSA Plan and Contributing to an HSA

1. If an employee or their spouse is 65 + and wants to contribute to an HSA account, they must NOT enroll in Medicare at all. Neither Part A alone or Parts A & B
2. If they do waive Medicare Part A & B at age 65 and enroll in Medicare Part A & B at a later date – then there is a 6-month lookback in which they can NOT contribute to an HSA. –  e. Employee turns 65 on 1-1-2019 and waives Medicare on 1-1-2019. He then wants to enroll in Medicare on 1-1-2020. They can ONLY make HSA contributions thru 7-1-2019 or six months BEFORE 1-1-2020
3. If an employee or spouse age 65 + is eligible for contributing into an HSA plan, their group plan is NOT creditable drug coverage and they need to enroll in a Part D plan or Senior Care, or they will be subject to an LEP (late enrollment penalty)              

To learn more about your particular situation call GOEBEL Insurance & Financial and talk to an Advisor. They can help you answer your questions so that you can feel confident that you are doing the right thing. You can contact them by phone, 920-921-7526, email info@goebelins.com or visit our website at goebelins.com.