Toni:
I am turning 65 in May 2015. I am currently employed and have medical insurance through my employer. I plan to work until 2016. Should I be doing anything relative to Medicare enrollment now? Thanks, Tom from Cypress, TX
Morning Tom:
Since 2015 has begun, I am receiving more questions on how to enroll in Medicare if someone is “still working” past 65. Baby Boomers are quite concerned that they will make a serious mistake and receive a penalty because they did not enroll the correct way.
On page 26 of the 2015 Medicare and You handbook it discusses delaying your Part B if either you or your spouse “is still working”. Most of the time, the working employee who is turning 65 will enroll in Medicare Part A which is Hospital Only and delay Part B.
This is a relatively simple process to do. Visit Social Security online at www.socialsecurity.gov/medicareonly and follow the directions.
When you decide to retire and need to enroll in Medicare Part B, the process is different. On page 26 of the Medicare Handbook, it discusses what to do after you leave your employment.
The handbook states that you will have 8 months to sign up for Part B without a penalty. When I perform a Medicare consultation for someone retiring, I always advise them to make sure that they have the Part B in place when leaving their employment and group benefits. If you are not enrolled in Part B, you will not have the benefits of “B” such as doctor, outpatient surgery.
The process to enroll in Part B after you have delayed has to be done correctly,
- Call Social Security at 1/800-772-1213 and advise them that you are retiring and need to enroll in Part B of Medicare because you had delayed it.
- You will have a Special Enrollment Period that last for an 8 month period without receiving a Part B penalty. After the 8 month period that you are no longer working, you will receive a Part B penalty if you enroll in Part B and this penalty goes all the way back to the day you turn 65.
- There are 2 forms that Social Security will send you and on the top of each form written in red letters is Special Enrollment Period for the Social Security agent that is processing them to know that you are signing up at the right time and keep from giving you a penalty.
- Form #QMB No0938-0787 known as Request for Employment Information: for proof of group health care coverage based on current employment. This information is needed to process your Medicare enrollment application. If you have had 2 or more jobs since turning 65, then all companies have to sign a form.
- Form HCFA-40B known as Application for Enrollment in Medicare: this is your application for medical insurance part of Medicare known as Part B. Social Security fills out this form.
Once the employment form is signed by your company, take both forms to your local Social Security office for your Medicare to begin when you have retired. You can mail your forms back to Social Security, but the wait is longer to receive your Medicare card with both Parts A and B.
2015 Confused about Medicare and Social Security workshops are –Every Tuesday from 2:00-4:00 pm. Join Toni King at the Toni Says Houston office at 10998 S. Wilcrest Dr, Suite 120, in the SW Houston/Stafford area. RSVP 832/519-8664. Reservations are required because seating is limited to 20.
Toni King, author of the Medicare Survival Guide®, which is a simple guide explaining Medicare is on sale at www.tonisays.com. Email questions to www.tonisays.com/ask-toni.
