Newsletter_ balancing medicare and work-based insurance _ balancing medicare and work-based insurance


Almost 20% of Americans 65 and older are still working — the highest level since before Medicare was established in 1965. Stock market futures bloomberg This amounts to almost 9 million workers who are eligible for Medicare, and the number is expected to grow as about 8,000 baby boomers turn 65 every day until 2030. Malaysian ringgit to usd history 1–2

Some employers may require employees or covered spouses to enroll in Medicare when they become eligible in order to retain their employer-sponsored health insurance.

Convert aed to usd But many workers who are eligible for both types of coverage have to navigate an array of rules and other considerations regarding costs and coverage.

If an employer has 20 or more employees, the employer coverage is primary and would pay first for covered expenses. Aud to usd graph Medicare is secondary and may pay for some expenses not covered by the employer coverage. World stock market futures bloomberg If an employer has fewer than 20 employees, Medicare would be primary and the employer coverage would be secondary, which is why small businesses may require eligible employees or spouses to enroll in Medicare in order to keep their employer-sponsored coverage.

Medicare Part A helps pay for inpatient hospital care as well as skilled nursing facility, hospice, and home health care. Binary code to english Because Medicare hospital insurance is free for most people, consider enrolling in Part A even if you have employer coverage. Euro football scores It could be helpful to have both types of insurance to fill any coverage gaps. Stock market futures 2014 However, if you have to pay for Part A, you may want to wait before enrolling.

If you have a high-deductible health plan through work, keep in mind that you cannot contribute to a health savings account (HSA) after you enroll in Medicare (A or B). Financial futures market The HSA is yours, even if you can no longer contribute to it, and you can use the tax-advantaged funds to pay Medicare premiums and other qualified medical expenses. Call option definition So it might be helpful to build your HSA balance before enrolling in Medicare.

Whether you should opt out of premium-free Part A in order to contribute to an HSA depends on what you consider to be more valuable: secondary hospital insurance coverage or tax-advantaged contributions to pay future expenses. Ice futures europe trading hours HSA funds can be withdrawn free of federal income tax and penalties provided the money is spent on qualified health-care expenses. Call and put options explained HSA contributions and earnings may or may not be subject to state taxes.

Medicare Part B medical insurance, which helps pay for physician services and outpatient expenses, requires premium payments, so it would be wise to compare the costs and benefits of Medicare to your employer’s plan. Dollar pound exchange rate graph If you’re satisfied with your employer coverage, you can generally wait to enroll in Part B. Exchange rate usd chf The same is true of Medicare Part D, which helps pay for prescription drug costs.

Late-enrollment penalties may apply if you do not enroll in Medicare Part A and Part B when you are first eligible. Exchange rate rm to usd If you are covered by employer-sponsored health insurance, these penalties generally do not apply as long as you enroll within the eight-month period that starts the month after the last day of employment or the employer-sponsored health coverage ends (whichever occurs first).

A late-enrollment penalty for Part D prescription drug coverage may apply if you go 63 or more consecutive days without having creditable prescription drug coverage. Text editor for windows 10 (Most employer plans are considered creditable.) Alternatively, during the two-month period after your workplace coverage ends, you could enroll in a Part C Medicare Advantage Plan that has prescription drug coverage.

The information in this article is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. Xau usd chart live You are encouraged to seek tax or legal advice from an independent professional advisor. Exchange rate usd nzd The content is derived from sources believed to be accurate. Us future stock market Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Exchange rate euro to dollar history This material was written and prepared by Emerald. Price of gold per ounce in the us Copyright 2016 Emerald Connect, LLC.