It is important to know that you don’t necessarily need to enroll for Medicare when you reach 65. This mostly depends on your current medical coverage and the kind of health insurance options available to you. That is why most people want to know what happens if they don’t sign up for Medicare at 65. What will happen to you will be determined by your specific situations.
ARE YOU RETIRED?
If you are retired, you may need to enroll for Medicare when you reach 65. Those that don’t sign up for Medicare when becoming eligible can be penalized. Those who have retiree health plans provided by their former employer may be required to sign up for Original Medicare.
ARE YOU OR YOUR SPOUSE STILL WORKING AND HAVE EMPLOYER INSURANCE?
If you or your spouse have employee benefits, you can decide to either enroll for Medicare or stay on your employer’s coverage. To determine which coverage would be best for you to stay on, you should check the status of your health coverage with your employer.
After this, you can decide whether your employer’s insurance coverage is more beneficial for you or if Medicare coverage would be a cheaper option. If you choose to stick with your employer plan, you don’t need to notify Medicare.
DO YOU HAVE VA BENEFITS?
Those with VA benefits are not required to enroll for Medicare. You can decide to stick with your VA coverage. Of course, if you want coverage outside the VA benefits, you can also sign up for Medicare. However, you may need to consider a couple of things if you truly want to maximize your benefits from both coverages.
WHAT HAPPENS IF YOU DON’T HAVE HEALTH INSURANCE?
If you don’t have health coverage, you need to sign up for Medicare. Otherwise, you will be penalized by Medicare for the period you don’t have credible coverage. The goal of Medicare is to offer affordable health options for people over the age of 65, so they won’t have a reason not to have health insurance at age 65.
What happens if you don’t sign up for Medicare at 65 depends on your situation. With that said, you can be penalized for not signing up for Medicare at 65 if you don’t have credible medical coverage.
Tagged: Medicare, Turning 65, T65, Medicare Plan, Enrolling in Medicare, Medicare Enrollment, Health Insurance.