GROUP COVERAGE VS MEDICARE
GROUP COVERAGE VS
MEDICARE AFTER AGE 65
N
avigating the healthcare
landscape isn’t easy. It isn’t
easy for those under the age
of 65 who have the options
of private healthcare, the
healthcare marketplace, or employer-
offered group coverage, and it really isn’t
easy for those over the age of 65 who
have Medicare programs thrown into
the mix. For those over 65 who have
coverage through their employers, it’s
essential to understand that you still
have to make a few Medicare enrollment
decisions.
There are two primary parts of
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Medicare, and often, it can be to your
advantage to delay enrollment in one
or both of them if you already have
insurance coverage.
THE TWO PARTS OF MEDICARE TO BE
CONCERNED WITH ARE:
• Part A: Hospital Insurance, and
• Part B: Medical Insurance.
Most of the time, if you don’t enroll in
Part B when you first have the option
to, you will be required to pay a late
enrollment fee. If you already have
coverage with your employer, however,
you can delay that enrollment without
the penalty (and still have the option
to enroll at a later date). A lot of people
choose to take advantage of this
because Part B has a monthly premium
associated with it and the additional
coverage that would be offered by Part
B isn’t a value when compared to their
employer-sponsored plans.
Part A, on the other hand, is a different
situation altogether. With Part A, even
with other health coverage, it provides
significant value.