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Navigating Medicare when working after retirement

On Behalf of | Feb 8, 2022 | Elder Law

If you’ve decided to return to work after retirement and you’re currently on Medicare, you may be able to choose to drop your Medicare coverage and use your employer’s health plan. This option allows you to re-enroll in Medicare down the road according to elder law. However, there are some rules to keep in mind if you choose this option. If you’re a Florida resident, here are some important things to keep in mind.

What you should know about basic Medicare

If you have basic Medicare, this coverage consists of Part A and Part B, which is hospital coverage and outpatient care, respectively. According to elder law, you can also add Part D coverage which will take care of your prescriptions, along with a Medigap policy which will cover some of the expenses that come with having basic Medicare. Or, you can opt for Medicare Part C (and Advantage Plan) which often includes prescription drug coverage.

Medicare and your employer

Medicare Part A does not come with a premium if you’ve been contributing to Medicare through your payroll taxes for the last 10 years or more. For 2022, elder law states that Medicare Part B comes with a basic monthly premium of $170.10. Part D premiums will be around $33 this year. If you’re a higher earner, your premiums will be higher.

If you’re thinking about working for a smaller company, it’s best to keep Parts A and B of your coverage even if you decide to take advantage of your company’s healthcare plan. If the company you work for has less than 20 employees, your Medicare can serve as your primary healthcare, and employer coverage is secondary. You may also want to consider using the group plan instead of Medigap to save more money each month.