What Employers with Medicare-Eligible Employees Need to Know
For employers with less than 20 employees, Medicare-eligible employees need to be sure they are correctly enrolled in Medicare—and that they are enrolled on time.
It is no secret that Medicare and its various plans and deadlines can confuse even the most seasoned business owner – and even more unfamiliar are the rules specifically surrounding employers with fewer than 20 employees and how their group size directly affects their employees as they approach age 65. This is where benefEx can help.
If your company has less than 20 employees, it is extremely important that your Medicare-eligible employees enroll in Medicare when approaching the age of 65. Why? Well, by law, once eligible Medicare becomes the primary coverage for employees in this category, rather than the employer’s plan.
If an employee in this circumstance does not enroll in Medicare when they are supposed to, their claims may not be paid, and they may face financial penalties due to late enrollment.
As an employee approaches their 65th birthday, it is critical they understand Medicare and the differences between available plans so they can enroll in Medicare during their Initial Enrollment Period. This is the 7-month period that begins 3 months before their 65th birthday month and ends 3 months after their birthday month. Important Note: If they do not enroll in Medicare during this 7-month Initial Enrollment Period, they may have to pay a penalty for late enrollment in addition to the regular monthly premium for the duration of enrollment in Part B.
For general questions, the Medicare & You guide which is published annually by Medicare is a great resource and can be found here. The team at benefEx is also always available to help with Medicare enrollment and all your employees benefit needs. benefEx can connect you with an advisor that will:
- Provide step-by-step guidance
- Compare plans from different companies
- Help avoid penalties and mistakes
- Assist with enrollment
Navigate Medicare Enrollment and Benefits with Ease
At benefEx, our mission is to bring freedom of choice back to employee benefits and healthcare. We are ready to work together to help you with the complexities surrounding Medicare. Feel free to reach out to us with ANY questions.