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Medicare and Employer Coverage – Large Companies 20+ Employees 👇💥
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Medicare is secondary if you are age 65+ and your employer has 20+ employees and you are still ACTIVELY working (not a retiree or on COBRA). This is called Medicare Secondary Payer.
1️⃣ If you wondering if there are better Medicare plans available
2️⃣ If you worried you don't fully understand your current Medicare plan
3️⃣ If you just plain curious as to what other benefits you could get at no extra cost
Medicare is secondary if you are age 65 or older and your employer has more than 20 employees and you are still ACTIVELY working (not a retiree or on COBRA). This is called Medicare Secondary Payer.
Hey guys, Lance here again with Medicare advisors. And so we're a team of friendly licensed agents dedicated to helping seniors and navigate the complex world of Medicare. So today I'm going to discuss about Medicare and employer coverage with large companies of 20 plus employees. But before I start up, please remember the information I'm sharing is just for your general knowledge. If you really want to maximize your Medicare benefits by getting the best coverage for the lowest amount possible, call our toll free number at 1-800-240-5241. between 8am and 6pm, Eastern Standard Time Zone, the number will be displayed on the bottom left throughout this video for her convenience.
Okay, so let's get started with today's topic. So Medicare is secondary if you are age 65 or older, and your employer has more than 20 employees and you are still actively working not a retiree or on Cobra. This is called a Medicare secondary payer. In this scenario, your group plan pays first and then Medicare pays second, most active employees with group coverage enroll in Part A because it's premium free if you have worked at least 10 years. Medicare and Employer Coverage
Now Part A can coordinate to lower your cost if you have a hospital stay, for example. And let's say your employer health plan has a $3,000 deductible. The Medicare Part A hospital deductible is $1,484 in 2022. So if you have both your employer insurance and Part A and you incur a bill for a hospital state, you will only be out $1,484 for your inpatient hospital services. Medicare pays the rest of any part A services, it doesn't necessarily work the same way with Part B, and Part B costs money. That's something to see in our other videos. So that's why most people choose Part A only when working for a large employer. Now one exception would be if you are contributing to an HSA and a plan to continue doing so. If that's the case, don't enroll in Part A. Medicare and Employer Coverage
Now Part B is not premium free, you will pay monthly premium for Part B based on your income. Some people who are eligible for Medicare and employer group health coverage, choose to delay in enrolling in Medicare Part B and Part D while still covered on their group health coverage or their spouses group health coverage. This saves them the premiums they would have paid for those parts. Your employer coverage already includes outpatient benefits, so it may not be worth it to pay those Part B and D premiums. Now when you do delay Part B, your large group plan is considered credible coverage. That means that you can enroll in Part B later without a late penalty when you decide to retire. And once you quit and leave the group plan, your insurance company will mail you a credible coverage letter.
So if you're wondering about how to sign up for Medicare and finding the right plan for you, or if you're worried you don't fully understand your current Medicare plan, or maybe you're just curious about other types of benefits, you could get it no extra cost. Either way, you can go ahead and call this toll free number 1-800-240-5241 which you can see on the bottom left of the screen. We are open Monday through Saturday 8am till 6pm. Eastern Standard Time, then once you call you'll get the chance to speak with someone who will be happy to answer any questions you might have and and find you the best coverage available for you and your particular situation. Also, if you have any questions you'd like to post down in the comment section below. We'd love getting to answer as many of those as we can. But otherwise, I hope this video was helpful and I'll look forward to see you in the next video. Medicare and Employer Coverage
#MedicareandEmployerCoverage
#MedicareEmployerCoverage
👉 Call us at 1-800-240-5241 for FREE Medicare Advice
1️⃣ If you wondering if there are better Medicare plans available
2️⃣ If you worried you don't fully understand your current Medicare plan
3️⃣ If you just plain curious as to what other benefits you could get at no extra cost
Medicare is secondary if you are age 65 or older and your employer has more than 20 employees and you are still ACTIVELY working (not a retiree or on COBRA). This is called Medicare Secondary Payer.
Hey guys, Lance here again with Medicare advisors. And so we're a team of friendly licensed agents dedicated to helping seniors and navigate the complex world of Medicare. So today I'm going to discuss about Medicare and employer coverage with large companies of 20 plus employees. But before I start up, please remember the information I'm sharing is just for your general knowledge. If you really want to maximize your Medicare benefits by getting the best coverage for the lowest amount possible, call our toll free number at 1-800-240-5241. between 8am and 6pm, Eastern Standard Time Zone, the number will be displayed on the bottom left throughout this video for her convenience.
Okay, so let's get started with today's topic. So Medicare is secondary if you are age 65 or older, and your employer has more than 20 employees and you are still actively working not a retiree or on Cobra. This is called a Medicare secondary payer. In this scenario, your group plan pays first and then Medicare pays second, most active employees with group coverage enroll in Part A because it's premium free if you have worked at least 10 years. Medicare and Employer Coverage
Now Part A can coordinate to lower your cost if you have a hospital stay, for example. And let's say your employer health plan has a $3,000 deductible. The Medicare Part A hospital deductible is $1,484 in 2022. So if you have both your employer insurance and Part A and you incur a bill for a hospital state, you will only be out $1,484 for your inpatient hospital services. Medicare pays the rest of any part A services, it doesn't necessarily work the same way with Part B, and Part B costs money. That's something to see in our other videos. So that's why most people choose Part A only when working for a large employer. Now one exception would be if you are contributing to an HSA and a plan to continue doing so. If that's the case, don't enroll in Part A. Medicare and Employer Coverage
Now Part B is not premium free, you will pay monthly premium for Part B based on your income. Some people who are eligible for Medicare and employer group health coverage, choose to delay in enrolling in Medicare Part B and Part D while still covered on their group health coverage or their spouses group health coverage. This saves them the premiums they would have paid for those parts. Your employer coverage already includes outpatient benefits, so it may not be worth it to pay those Part B and D premiums. Now when you do delay Part B, your large group plan is considered credible coverage. That means that you can enroll in Part B later without a late penalty when you decide to retire. And once you quit and leave the group plan, your insurance company will mail you a credible coverage letter.
So if you're wondering about how to sign up for Medicare and finding the right plan for you, or if you're worried you don't fully understand your current Medicare plan, or maybe you're just curious about other types of benefits, you could get it no extra cost. Either way, you can go ahead and call this toll free number 1-800-240-5241 which you can see on the bottom left of the screen. We are open Monday through Saturday 8am till 6pm. Eastern Standard Time, then once you call you'll get the chance to speak with someone who will be happy to answer any questions you might have and and find you the best coverage available for you and your particular situation. Also, if you have any questions you'd like to post down in the comment section below. We'd love getting to answer as many of those as we can. But otherwise, I hope this video was helpful and I'll look forward to see you in the next video. Medicare and Employer Coverage
#MedicareandEmployerCoverage
#MedicareEmployerCoverage
👉 Call us at 1-800-240-5241 for FREE Medicare Advice
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