Can I keep my Medicare coverage if I return to work?
Medicare has the ability to work with other healthcare plans, so if you choose to start working again and want to keep your Medicare plan while also receiving healthcare benefits from your employer, you can do so. One plan will act as the primary source of coverage, while the other will be secondary.
What if I only want coverage from my employer?
You have the option to drop your Medicare plan at any point in time if you are receiving healthcare benefits from your employer, but it’s important to know the outcome of doing so instead of dropping it immediately.
If your employer can provide you with coverage that could be considered a primary source, then you can drop your Medicare coverage and re-enroll when you feel it’s necessary. You won’t receive any fees or penalties for doing so. If you choose to drop Medicare but your employer doesn’t offer you creditable coverage, you will receive penalties for when you do choose to re-enroll again.
How do I re-enroll in Medicare?
There will be a Special Enrollment Period that will occur as soon as you stop receiving healthcare benefits from your employer and will last for two months. During those two months, you can re-enroll for Medicare Part D or Medicare Part C. You will have an 8-month window to re-enroll for Medicare Part A and Part B. After enrolling for Original Medicare, you can then re-enroll for a Medicare Supplement plan.
If you miss the Special Enrollment Period, you will have to pay late-enrollment penalties if you choose to re-enroll at a later date.
What if I’m disabled and go back to work?
If you are receiving Medicare and Social Security Disability Insurance (SSDI), you can continue your Medicare coverage when going back to work for 93 months (8.5 years) if you go off SSDI. You can receive a trial work period for 9 months to receive your SSDI payments in full. The trial work period lets you test your ability to work, but the 9 months do not have to be completed consecutively. As long as the work trial period is completed within a 60-month period and you continue to be disabled, then it will go into effect. Once the 9 months are completed, then the 93 months of Medicare coverage will begin.
The Medicare coverage will include premium-free Part A and you can continue payments for Part B. After the 93 months has ended along with the premium-free Part A, you can continue your Part A coverage by paying for the full premium.
If you have any questions or concerns about re-enrolling for Medicare, we are here to serve you. Give us a call at (870) 698-2928 and set up an appointment today.