What You Need to Know
- Many Americans are staying employed past age 65.
- For them, Medicare and employer coverage may both be on the menu.
- One common question is about how Medicare benefits compare with group health benefits.
After the events of this past year, many workers over 65 are examining healthcare coverage in light of rising costs and more awareness of the value of Medicare.
Every day in the United States, 10,000 adults turn 65. The pandemic forced over 1 million older Americans out of the workforce, but millions more are approaching retirement age and choosing to remain employed.
For those workers, the question of whether or not to switch from an employer plan to Medicare is highly relevant and a topic for serious contemplation. In response, here is a breakdown of the benefits of switching.
With open enrollment coming up in November, I’m thinking about switching coverage now that I’m over 65. Can Medicare provide me with better coverage than an employer plan?
The short answer is that it depends. The most important factors that should go into this decision are your health care needs, so you’ll need to consider the many different options in plans, the focus on medications, and whether or not the doctors you see will be in-network, and comparing that to your current coverage. Let’s start by taking a look at what Medicare provides.