Medicare Q&A

June 15, 2022

Here are answers to Medicare enrollment questions your clients may be asking:

Q: If I am still working, can I postpone enrollment?

A: It depends. If you’re employed when you turn 65, you can stay on your employer-provided group health plan and defer Medicare as long as you’re not drawing Social Security benefits. One caveat: If your workplace employs 20 or fewer people, you must enroll in Medicare even if your employer offers group insurance.

Q: How do I know which Medicare option to choose?

A: You have two choices: Original Medicare, consisting of Part A (hospital insurance) and Part B (medical insurance) or Medicare Advantage (Part C, a bundled alternative that includes Parts A, B and D prescription drug coverage). Those opting for Original Medicare need to purchase a Part D drug plan separately. You also may choose to purchase gap insurance. Work with your wealth advisor to help determine what coverage is right for you.

Q: What factors should I consider when deciding what coverage to have?

A: Here are a few things to think about:

  • Whether you prefer to use any doctor, anywhere who accepts Medicare or stay within a cost-controlled network of providers
  • What medical services, devices and equipment are covered
  • Part B premium costs
  • Deductible and coinsurance payment costs
  • If you opt for Original Medicare, whether to purchase a Medigap supplemental insurance plan

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