(Related: The COVID Shot: A Medicare Customer Question)
Even without living through a worldwide pandemic, a growing older workforce may be leading to higher company health care costs because of higher rates of chronic illness and health care needs.
Increasing costs for individuals can ripple to employers and all employees through the companywide benefits program. Because many businesses have had to shut down entirely this year, losing months of profits, it may be important to explore alternatives for health care cost savings and improved benefits for workers.
One solution to save on costs while supporting an evolving workforce is helping eligible older workers make the switch to Medicare. Many individuals working past age 65 who compare Medicare to their employer coverage may be able to get improved health care coverage and lower costs.
Here are answers to four questions clients who have worked past age 65 may have about the idea of making the switch.
1. Who is eligible for Medicare?
To be eligible for Medicare, a client who is not facing end-stage kidney disease must be a U.S. citizen or have been a legal resident for at least five years. An older worker must be age 65 or older and have worked for at least 10 years in Medicare-covered employment.
2. Why should people take a look at Medicare if they have employer coverage?
There can be some important advantages from comparing a client’s employer plan with Medicare.