For some 64-year-olds, the countdown to their next birthday is extra exciting. When they hit 65, they qualify for Medicare. But what if you’re still working full-time and get health insurance through your employer?
For those who love their job (and its health-insurance benefit) and don’t want to retire at 65, they can keep working and get Medicare later — as long as their employer has at least 20 employees. The same goes if their health coverage comes from their spouse’s job.
Even those who don’t love their job might keep working past 65 just to stay busy and build their nest egg. If so, they need to understand how and when they’ll enroll in Medicare.
“If you can hang on to your employer healthcare plan and keep the same doctor that you like,” that can be better than switching, says Jen Staben, a financial adviser in Sacramento, Calif. “People with health issues might worry at 64 that they won’t be able to keep their doctor after 65” if they go on Medicare, because some providers (especially psychiatrists) do not accept Medicare.
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