I am turning 65 next month. Should I pay for Medicare Part B? What about A? Or should I buy Prescription Drug (Part D)?
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UPDATED: Jul 16, 2021
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If you are covered under an employer-sponsored medical plan the number of fellow employees determines whether you need Medicare Part B. If your employer had fewer than twenty employees on an average business day of the prior calendar year, you should enroll in both Part A and Part B since Medicare will be paying your claims (“primary”) before your employer’s medical coverage (which is “secondary”). If you work for a larger employer, you might want to delay Part B (which charges a monthly premium) and, if you have strong prescription coverage, you might delay buying Part D (“creditable coverage” letters will come to you annually from your employer’s insurer.) Some people buy Part B because they have a much higher deductible with the employer’s plan. Employees with Health Savings Account must not enroll in any Medicare at all if they want to keep contributing to the HSA fund. Keep in mind that Part A happens automatically unless you proactively deny it, so make your appointment with the Social Security office for consultation.