Liz Weston: Does a 65-year-old worker need to sign up for Medicare now to avoid penalties?

Dear Liz: I am 65, however doing the job and have wellbeing coverage as a result of my employer. I have not enrolled for Medicare and have been instructed I do not want to. I program to at the time I retire. There is a passage in my Social Security assertion that claims, “Because you are currently 65 or older, you ought to get in touch with Social Security to enroll in Medicare. You may perhaps be subject to a lifetime late enrollment penalty. Unique procedures could utilize if you are lined by specific team well being ideas by way of work.”

I have tried to study even more by the Medicare site but can not discover a obvious response about no matter whether or not I am Okay not enrolling at this time.

Solution: If your employer has 20 or far more staff, then you are fantastic for now. When you halt performing for that employer, you are going to have 8 months to indication up for Medicare without the need of owing penalties.

If you want your Medicare coverage to start when your career-centered protection ends, while, you should indication up a month right before you retire. Related principles would implement if you ended up protected by a spouse’s place of work well being insurance plan plan. As long as your partner is even now performing for the employer that provides the coverage, you can prevent everlasting Medicare penalties.

If your employer has less than 20 workers, even so, you could be demanded to signal up for Medicare when you’re very first suitable. Check with your employer.

Liz Weston, Certified Money Planner, is a personal finance columnist for NerdWallet. Inquiries may be sent to her at 3940 Laurel Canyon, No. 238, Studio City, CA 91604, or by utilizing the “Contact” sort at asklizweston.com.