Over 65 and Leaving Employer Coverage
This section applies if you are on Medicare Part A, but have kept working and have employer insurance. The main reasons why you would leave employer coverage are:
- You have decided to stop working.
- Your plan is no longer better than what you can get on Medicare.
- You are on your spouse's plan and your spouse is retiring, or the extra premium for spousal coverage makes Medicare more cost-effective.
You would want to call Social Security (1-800-772-1213) or visit them online. There are two forms that need to be filled out: (1) a request to enroll in Medicare part B, and (2) a request for employment coverage information, which shows Medicare that you had health coverage.
These forms can be filled out online, faxed, or mailed to Social Security. Your Medicare coverage will start the month after Social Security receives your completed forms.
You can also request a start date under line 12 "remarks", but make sure this is communicated to the person who is helping you, as it may be missed. You would then have an enrollment period for a supplement or advantage plan, which will begin the month the employer coverage ends and continues for 2 additional months.
You would start paying the part B premium when your Medicare coverage becomes effective. You should coordinate this with when your employer insurance ends to avoid paying two premiums.
When you end your employer coverage, you will be sent a letter stating that you had "creditable coverage, " which will list the coverage dates. It is essential that you save this for possible future reference.
If you are not on Medicare Part A and contributing to an HSA, you should discontinue HSA contributions 6 months before the anticipated part A effective date.
Do you still have questions? Take a look at our Medicare Basics outline, or give us a call at 931-287-0799. We’d be glad to help you!
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