Going Back To Work
Is work calling...again?
Are you considering re-joining the workforce? Whatever reasons you have for going back to work, here are some things to consider as you compare group health coverage, and what to consider when you retire again.
If you go back to a small company (less than 20 employees), you’ll likely need to keep Medicare Part A and Part B, even if you enroll in the company plan. On these small group plans, Medicare is primary and the group coverage is secondary. You’ll want to compare the group coverage benefits and costs vs keeping your Supplement or Advantage plan.
If you are going back to work at a larger company, watch out for plans that come with a Health Savings Account (HSA). You can not contribute to these plans while being enrolled into either Part A or B of Medicare.
If you decide to go with an employer plan, make sure you confirm with the insurance company that the drug plan is considered creditable coverage for Part D.
When you decide to retire again, you’ll have 8 months to re-enroll in Part B with no penalty. Here’s where it gets tricky, once you lose group coverage, you only have 2 months to enroll in a Part D plan (either standalone or included in your Medicare Advantage Plan).
Let us know if you’re going in and out of the workforce, we can help you with the re-enrollment forms and let you
know which forms you’ll need from your employer, as well as help assist with new plan choices.