Medicare Questions & Answers

QUESTION

 

Will your Employer-based health insurance cover all your medical costs after you turn sixty-five? 

 

ANSWER 

 

Medicare and employer-based insurance represents a savings for everyone. If you sign up for Medicare A and B and you work for a business, with 20 or more employees your employer is required to continue offering health insurance to current workers and their spouses who are 65 or older.

 

If you're insured under a plan from a company of that size, you have the option to enroll in Medicare and decline your group plan, saving your company money. If you work for a smaller business, with fewer than 20 employees, Medicare pays first.  Medicare acts as the primary payer typically paying 80% of your medical expense, your company’s insurance is the secondary payer, responsible for the balance of your medical cost, an estimated 20%.

 

You must enroll in Medicare Part A and Part B when you turn sixty-five. To take advantage of these savings.