However, there are some cases where it is mandatory and it's important to be aware of these exceptions to ensure there are no gaps in your coverage. While enrolling in Medicare is often a viable alternative to their company's coverage, it's not required that all seniors make the jump as soon as they turn 65. Whether you are continuing to work based on career fulfillment or health coverage, having a plan in place for how you'll handle your Medicare decisions before you turn 65 can streamline the transition off of your employer-sponsored health insurance.įor most working seniors, the answer is no.
In a survey of more than 1,000 American older workers, 31% of those with employer insurance say health care is their primary reason for working, and 53% say it's one factor. Access to health coverage is one of the main reasons the average age at which people retire is increasing. While some are relatively positive about working past 65, about half of those individuals have continued working primarily to maintain their health insurance. Employees in their 60s have been making the decision to work longer. Most employees now expect to retire around age 71. Your retirement decision is entirely personal and dependent on your circumstances. When should I plan to retire And why is the average retirement age rising Profit and prosper with the best of Kiplinger's expert advice - straight to your e-mail.
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Sign up for Kiplinger s Free E-Newsletters Profit and prosper with the best of Kiplinger's expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail. Subscribe to Kiplinger s Personal Finance Be a smarter, better informed investor. Here are some answers to common questions surrounding retirement postponement and Medicare coverage, including common misperceptions: Plus, employers can ensure their workforce has access to expert health insurance assistance to make the best decisions for their own situations. With retirement perhaps further away for many, individuals need help understanding their options. But a recent Allsup survey (opens in new tab) found that fully one-third of those nearing retirement age (62-64) who plan to keep working past 65 don't understand they can sign up for what is often more affordable Medicare coverage, even while they're still employed.Ī Medicare Surcharge That Might Surprise You If You're Not Careful – IRMAA Newsletter (Image credit: Getty Images) By Bethany Cissell last updated 11 October 2022 As inflation and a rocky stock market continue to eat away at the nest eggs of older workers approaching retirement, working longer than expected is increasingly on the table. (opens in new tab) (opens in new tab) (opens in new tab) Newsletter sign up Yes You Can Sign Up for Medicare While You re Still Working And your wallet might thank you - for many, Medicare is a better deal than their company's health insurance. When you purchase through links on our site, we may earn an affiliate commission. Yes You Can Sign Up for Medicare While You re Still Working Kiplinger Kiplinger is supported by its audience.
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