Are you part of the great resignation?

Doing the research ahead of time could make all the difference.

by Sandra Teel

Medicare insurance broker

Have you heard the new buzz words “the great resignation”? According to Forbes Magazine, the number of people who left their jobs in 2021 hit 4.5 million people. Fewer people these days are waiting past age 65 to retire. If you are one of those who decided to retire early and trade in the fatigue for family time, you have a limited time to sign up for Medicare without penalty. You may want to start thinking about doing so a few months before that retirement party comes.

Here are six keys things to do: 1. Ask the employer or benefits administrator how its retiree coverage works with Medicare. You’ll want to know if your (or your family’s) current benefits will change, if it offers retirement coverage or other supplemental coverage that works with Medicare, and if any drug coverage it offers is creditable.

2. Check when your current coverage ends, and sign up for Medicare about a month or two earlier. Signing up before your current coverage ends can help you avoid a gap in benefits.

3. Ask the employer to fill out the employment form at www.cms.gov/Medicare/CMSForms/ CMS-Forms/CMS-Forms-Items/

CMS009718. You’ll need this extra form to qualify for a Special Enrollment Period to sign up without penalty.

4. Find Medicare plans in your area, if you don’t have retiree coverage or if the employer doesn’t offer creditable drug coverage. If you join a Medicare Advantage Plan or Medicare drug plan, coverage starts the first day of the next month.

5. Be aware that Cobra Coverage is considered “continuation coverage,” not “creditable coverage,” by Medicare. If you are of Medicare age and have chosen Cobra Coverage, you have eight months to either sign up for Medicare Part B or obtain creditable employer coverage in order to avoid a penalty. Before you elect COBRA, talk with your State Health Insurance Assistance Program. (Find more information at www.shiphelp.org.)

6. To avoid a tax penalty, you and your employer should stop contributing to your Health Savings Account six months before you retire or apply for benefits from Social Security.

Now you can relax and enjoy your retirement. Sandra Teel is a Medicare insurance broker. She can be reached at (657) 204-4224, (909) 856-9379 or steelmedagent@gmail. com. For more information, visit www.steelmedicareins. com.