Medicare & Work: Navigating Senior Coverage

0:00It's April 23rd. This is Durham News Today, driven by AI. More folks over 65 are staying on the job these days, and that shakes up their Medicare game big time. Medicare is built for seniors and folks with disabilities, but mixing in work income or employer plans as real twists. You got away if you're sticking with boss coverage, jumping to Medicare, or running both. Which can hit your wallet hard since employer pays first. If your jobs health plan covers you, a smart move is grabbing free Medicare party right at 65 while holding off on pricey par B till the employer plan ends. But heads up for small shops with under 20 employees. Their coverage plays second fiddle to Medicare, so you need to enroll fully during that. Seven month window around your birthday. People keep grinding past retirement age for cash flow, waiting on full social security until 67 or later, longer lie spans, or just loving, the crew at work.

1:02Same rules hit if you're on Cobra from an old gig or retiree benefits. They're secondary too, so sign up for Medicare at 65 no matter what. Don't sleep on health savings accounts either. Shut down contributions at least six months before turning 65 since any Medicare part blocks. New deposits, even if part A back dates. For more descriptions, check if your plan's drug coverage counts as credible, if not, enroll in part D quick, or face lifelong premium penalties. Income-related surcharges called, IRMAA, can sneak up too. Based on earnings from two years back, jacking up part B and D costs, appeal if your situation. Flipped. As more seniors hustle longer, double check your setup to lock in the best coverage with our regrets.