Employer Coverage vs Medicare: What's Better for me?
Many of our clients are now working past age 65 and want to know if they should keep their employee benefits or enroll in Medicare Parts A&B. We have found there are many factors that are relevant when comparing an employer-sponsored health plan and Medicare insurance. Keep in mind that often times employer insurance may become much more expensive when you turn 65 and the coverage may be very different. Be sure to consult your Human Resources department for accurate information regarding your benefits.
NOTE: It is likely that (unless you receive an employer subsidy) Medicare and a Medicare Supplement plan may be more affordable and offer a higher level of coverage than your employer’s plan. You will likely have lower out of pocket costs and deductibles if choosing original Medicare and adding a Supplement.
Pay attention to these factors when comparing employer insurance and Medicare:
- Basic plan information such as premium, deductible, copay, coinsurance, etc. about both your employer-sponsored plan and the options surrounding Medicare
- Additional coverage such as dental, vision, or hearing
- If you have dependents, how their coverage will change if you leave the employer option, and how they could be covered by insurance through the Government Health Insurance Exchange
When clients call Golden Years for advice we will conduct a cost and benefits analysis on your behalf. Together we will discuss the pros and cons of signing up for Medicare vs keeping your employer coverage.
Call us today for a free consultation.