Seniors in the workforce often face the dilemma of choosing between Medicare Insurance and their company’s existing health insurance when they turn 65. So to help you make the right decision for your future, here are some facts you should know.
- For Small Companies
If you work in a company that has less than 20 employees, you are mandated to sign up in Medicare. This is regardless of whether you stay on your company’s existing health plan or not. However, it’s often more cost-effective to just drop your employer’s coverage and sign up in a Medicare plan. It’s because employees in small companies often pay a much higher premium for just a single coverage.
- For Large Companies
If you work in a company that has at least 20 employees, you can wait until you retire or lose your company insurance to sign up in Medicare. Usually, it’s more beneficial to stay in your company’s insurance due to the lower premiums and better coverage. However, in instances where you often need medical treatments, Medicare might be a better option.
These pieces of information are just an overview of your insurance options. To make the right decision, it’s better to talk to Medicare consultants in Pennsylvania so you can calculate the financial impact of each option.
Looking for a skilled consultant and health insurance broker in Allentown, Pennsylvania? Contact Medicare Professional Advisors today.