The most complex part of Medicare decisions comes from folks that work past age 65. The most important point of this entire second half of Mr. Clark’s presentation is that to get the most exact details for your situation you should check with your health insurance carrier. Frequently employers’ HR departments are outsourced and a recurring theme is the HR department is not in sync with the health insurance carrier.
Bottom line your health insurance carrier is your go to point of contact if you continue to work past age 65 as you will most certainly need to find out how they want you to handle your Medicare decisions.
Direct Audio Here on our site for your viewing/listening pleasures as well as links to every full post:
Medicare Part A Explained
During the meeting, there was a lot of jumping between Medicare Part A and B, with a ton of information on Part B coming in the next Part. Early in the audio, the most important item to note is re-iteration as above, for those many of us working beyond age 65, check with your Health Insurance Provider for the best source of accurate actions needed on your part – ok, here are the bullets from the Audio for Part A Medicare:
- Medicare Part A only for Hospital care
- Medicare Part A is funded via the 1.45% FICA Tax from your payroll during your working lifetime, as such no cost upon retirement/enrollment
- Medicare Part A (B) starts at age 65 (Not age adjusted as Social Security)
- Consult your Health Provider, not HR for best post 65 age Medicare Part A decisions and elections
- Once on Medicare, cannot fund your HSA – a reason you may want to defer Part A if you have full other coverage options
- If still employed and you do not take Medicare, you can still fund your HSA –
- By deferring Medicare A you will have a small penalty on Medicare Part D – Drugs
- Social Security . Gov website to start Medicare and can choose Part A and/or Part B
- Careful when you file for Medicare Part A, normal look back of six months which may void your HSA – must sync this
- If you are over 65 and drawing full retirement age, you automatically have Medicare Part A
This audio is a bit longer, but full of great examples for the bullets above …coming up the more complicated decisions of Medicare Part B –
Here is your audio…
Wave file format:
OGG File Format:
Click Here for Direct Link to All Parts Audio Posted on our Special Social Security and Medicare Page
Have a Great “Medicare Part A Explained” Day!
John A. Kvale CFA, CFP