The 65 Year Old Medicare Myth

When do you really need to go on Medicare to avoid penalties?
Hint: For millions of Americans, the answer is NOT 65 years old.

[kristiG]

Thank you for the great info! Sending the link to several people I know!

[fredost]

Those that dont go on Medicare at 65(A&B together) they FOREVER lose their trial rights periods, meaning if they go on Advantage and dont like it in the first year they can switch to Medigap without qualifying. Think carefully about not going on Medicare at 65...you lose a huge option.

[shirleygoodness]

Sorry I missed the live presentation. My question is a clarification on wording. I have heard – from among those three sources you highlight – that even if you don't take Medicare you must sign up for it at 65, else pay a penalty. Is there a 'sign up' or 'registering' without taking Medicare that is mandatory? I have looked closely at the government webpage and followed your info, which is by far the clearest and without some kind of sell on the back end. I am 5 months past my 65th and receiving my health insurance from a university that has over 20 employees. I do not plan to 'sign up' or 'sign on' or 'receive' Medicare until I retire. Do I understand the situation correctly? Many thanks for your good work.

[keithwest]

Can you explain further what EE benefit broker does? Which videos do you cover this topic?

[texascheri]

Thanks for your information! My Spouse is turning 65 in 11 months. I am 3 years away from that. We are both self employed (forever). We have always had a cattle ranch and have rental properties (currently). We previously built, owned and operated then ultimately sold several other businesses throughout the years. We have always held private insurance. We have a catastrophic insurance plan which allows us to contribute over 8k to our HSA. We NEVER go to the doctor. We aren’t on any Rx meds. Other than dental and vision which are annual visits we don’t even have a primary care doctor. I have pretty much used homeopathy and natural remedies for any traditional illness. Our insurance runs 1300 a month with a 10k deductible. We were grandfathered in so we didn’t have to change to the current healthcare circus thrown at us years ago. What advice do you have for us in this scenario? I hope I gave you all the information you need. ( I normally don’t share this much information online but I’m curious if I should enroll my spouse or wait till we decide to draw SS which we currently plan to wait till turning 67. Thank you in advance for your insight. If you have another video to point me to where you have already mentioned this I would appreciate you pointing it out.

[barbaraspangler]

Great information! What if as part of a retirement package your employer sets up an HSA lump sum for you to use in retirement & you’ve signed up for Part A only? No previous HSA was in place - no contributions by employee or company prior to this package. Thanks.

[keithwest]

Does the EE benefit broker work for the insurance carrier or are they the EE working for the employer ?

[Francebound]

What if you are a US expat that is covered under another country’s health system? Are you able to postpone if you are residing outside the US when you turn 65?

[ph]

That one went pretty smooth, eh? I think I pretty much understand the T65 issues. I'm anticipating staying on my former employer's 'retiree' medical plan until 65, but who knows, they could cut that off before I get there...Currently, I think the Benefits enter automatically puts you on their "Medicare Retiree" plan which is a UHC Advantage Plan, so kind of gotta fight them if deciding to go with Traditional + Supp plan, or some other way. It's liable to change between now and then anyway...

[PDBenkert]

My wife is retireing on April 4th of this year, and both her and I are on her works health care plan with over 1000 other emplyees. How long can we delay medicare without penalty. Does the clock start ticking on the 5th of the month or does it start the 1st of the next month?

[glendasullenger]

I’ve been on cobra since May 1 2024.
Enrollment for part b 1/1/2025
No penalty
I was 65 in 2023

[frankhellman]

I ran into a situation where I'd intended to go on my spouse's plan under the SEP rules when I eventually retire, instead of directly onto Medicare B & either C or D+Medigap (she wants to continue working, we're both over 65 with Part A only). She's with a large firm and they're with a major corporate Medical (& Medicare) provider - rhymes with "Stigma".

The problem is Stigma REQUIRES me to get Part B first to be on their plan as a spouse...period. Meanwhile, both SSA and my State's SHIP say that if I want to go to Medigap w/o penalty, I have to get a Medigap plan within 10 months of getting Part B, as well as getting Part D within 3 months of Part B, regardless of being on my wife's Medicare-acceptable & drug creditable plan...period. Thus, I would reasonably only stay on her (lower than Medicare costs) plan for less than a year before going on Medigap, most of time paying double for drug coverage under her Stigma plan AND Part D.
Makes no sense. But is it true?
PS - Both SSA & SHIP said if I only ever want a Part C Advantage plan, Medicare will "probably" (their word) extend the time limit to sign up until my wife retires. But neither can produce a document that says that. What!?!

[BiggMo]

I’m getting more and more confused. Do you provide individual consulting?

[johngoldsbury]

If you are on ACA but would have to pay a premium for Part A, you can indeed still qualify for subsidies, right?

[michellestevens]

I am shocked that corporate HR professionals would lie to employees!😳

😳

[srae]

You said Tri care is great to keep. What about FEHB, blue cross blue shield basic?

[sazajacz]

I mentioned the part B penalty in comments here several months ago, and was attacked by many, including the host.

[firehorsewoman]

Can you define “actively working”, i.e. is there an hourly requirement.

[keithwest]

And what is wrong with going on Medicare anyway. We are conditioned to think employer coverage is better than medicare . HDHP or HMO vs. Fee for service. Go with Traditional Medicare.

[David-cvbp]

I’m not sure why you titled the segment “myth”?