Article originally published by CNBC.com.
Written by Sarah O’Brien
“It’s not just retirees who need to think about Medicare.
Anyone who plans to keep working when they reach the eligibility age of 65 should evaluate how — or if — Medicare will fit into their health-care coverage.
The program’s general rule is that unless you meet an exception, you’ll face late-enrollment penalties if you don’t sign up during a seven-month window that starts three months before your 65th birthday month and ends three months after it.
One of those exceptions is having qualifying insurance through your employer. Yet not all workplace coverage counts. And getting it wrong could cost you down the road.
“The biggest mistake … is to assume that you don’t need Medicare and to miss enrolling in it when you should have,” said Danielle Roberts, co-founder of insurance firm Boomer Benefits.
Here’s what to know.
First, the basics
Basic Medicare consists of Part A, which is hospital coverage, and Part B, which is outpatient care coverage.
Part A has no premium as long as you have at least a 10-year work history of contributing to the program through payroll or self-employment taxes. Part B comes with a standard monthly premium of $170.10 for 2022, although higher-income beneficiaries pay more through monthly adjustments; see the chart below.
More than 40% of beneficiaries choose to get their Parts A and B benefits delivered through an Advantage Plan, or Part C, which typically includes prescription drug coverage, or Part D, and may or may not have a premium.”
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Amy Anderson joined the ILG Financial team in 2023 as the client relations coordinator. Her responsibilities include scheduling of appointments, annual check-up notifications, and annuity and required minimum distribution assistance. She is a graduate of Harding University with a degree in Computer Information Systems. Amy and her husband have two children and she enjoys reading, crocheting, music and spending time with her family.
Chase Lopez joined the ILG Financial team in 2020 as an advisor. Chase is a 2016 James Madison University graduate with a degree in management. Chase has been trained under the tutelage of Dave Lopez, who is not only the founder and managing member of ILG Financial, but also is Chase’s uncle and godfather. He also enjoys working alongside his cousin, Megan, who is Dave’s daughter. Chase, as a fiduciary, believes in putting his clients interests first, and building out plans for his clients where they can have a happy and fruitful retirement. He married his beautiful wife in February 2022 and both use most of their free time chasing around their little pup, Aurora.
Jessica Carson joined the ILG Financial team in 2018 as an agent. Jessica and her husband have four children, two dogs, 3 barn cats, 5 chickens, and three parakeets. She indeed loves her children and pets! When not at work, Jessica enjoys playing the piano and cello as well as traveling and spending time outside with her family, hiking, fishing, and boating.
Terri Center joined the ILG Financial team in 2019 as client services manager. She handles client records, application processing, and gathering information to provide a professional and friendly experience with all of our clients. Terri is a graduate of Oakland University. She is married and has two children. She enjoys hiking, family time, and puzzle challenging video games. She also likes to share her creativity in her canvas paintings and sewing projects.
Megan Jones joined the ILG Financial team in 2020 as marketing director. Megan and her husband live in Fredericksburg, VA with their German Short Haired Pointer, Gus. Megan is a graduate of Longwood University and holds a degree in communications. Megan is the oldest of Dave Lopez’s three children and not only enjoys working alongside her father, but also with her cousin, Chase, who joined the ILG Financial team in 2020 as an advisor. When not at work, Megan enjoys sitting on the back porch with family and friends enjoying food and music.