When it comes to retirement, there’s a lot to consider. You may be thinking of what you’d do with all your free time, whether or not you want to continue working and if you should downsize your house.
Another important factor is Medicare. Most commonly, people will sign up once they’ve reached age 65 so they can have access to health insurance. On the other hand, some may be wondering, is Medicare mandatory?
The short answer is no, and in today’s blog, we’ll explain why.
Determining if Medicare Is Right for You
As stated earlier, Medicare is not mandatory. However, it’s great to have, especially for an older adult who may be more likely to have multiple medical bills and related expenses. Once you’re approaching age 65, the following can be considered when deciding whether or not to sign up for Medicare.
You can delay sign-up
Many people may not know that they can delay the sign-up process for Medicare and may feel forced into making a decision. While signing up within the initial enrollment period is the best choice, if you currently have coverage equal to or greater than what Medicare may offer, you can continue with your current coverage and enroll in Medicare later.
One good example of this is if you have coverage through your employer after retirement, which takes us to our next point.
If you continue to work, find out if your employer will offer coverage
If you decide to work beyond retirement age, ask your employer if you will be eligible for coverage through the company. If yes, you may not see it as necessary to sign up for Medicare. Once that coverage ends, or you leave the job, you can sign up through the Medicare Special Enrollment Period, which lasts for eight months from the date of termination of your employer’s insurance.
Medicare can act as your secondary coverage
Suppose you are happy with the insurance coverage offered by your employer. In that case, you can continue using it as your primary insurance while also enrolling in Medicare as your secondary insurance.
Government Employees
Though Medicare is not mandatory for the general public, government employees are subject to mandatory Medicare coverage.
Need Medicare? We Can Help
Ultimately, the choice of whether or not you sign up for Medicare is totally up to you. Given the enrollment periods for Medicare and possible penalties for late enrollment, it may be in your best interest to sign up whether or not you plan to use your coverage right away. The most important factor is that you take your time to consider all possible options and make the best choice based on your circumstances.
To learn more about Medicare and how it can benefit you, give Toni Buffington Medicare Solutions today! Our professional Medicare agents are ready to help you secure the coverage you need.