Putting those retirement plans on hold? What that means for your Medicare

Article by Darla Mercado for CNBC

“Some people are allowed to defer into the future, and some aren’t deferred and need to take Medicare,” said Katy Votava, president and founder of Goodcare.com, a health-care consulting firm.

  • By 2024 there will be about 13 million individuals age 65 and older in the workforce, according to the Bureau of Labor Statistics.
  • Whether you’re required to sign up for Medicare at 65 even if you’re working and have access to insurance will largely depend on the size of your employer.
  • It may make sense to enroll in Medicare and continue to maintain your coverage at work.

If you’re at least 65 and still punching the clock at work, the odds are that you have two benefit enrollment periods to worry about this year.

That’s because, in addition to signing up for next year’s workplace health benefits, older workers must also make sure to coordinate their coverage with their eligibility for Medicare.

The ordeal is a confusing one for the growing population of older workers. By 2024 there will be about 13 million individuals age 65 and older in the workforce, according to the Bureau of Labor Statistics.
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