If You'll Still Be Working at Age 65, Here's How to Handle Medicare

Americans who are planning to still be working past retirement at age 65 should consider the role of Medicare, reports CNBC . "The advice I give is to calculate the financial impact for each option," said Lewin & Gavino founder Elizabeth Gavino. "Figure out your cost based on your usage and your medication, and do a comparison on what your outlay may be." Many people enroll in Medicare Part A even if they remain on their employer's plan because it is free, provided they have at least a 10-year work history of contributing to the plan through payroll taxes. However, employees with a health savings account coupled to a high-deductible health plan through their employer should know that they cannot make contributions once enrolled in Medicare, even if only Part A. When adding up costs to compare options, workers should determine their best option coverage cost, going by assumptions about their use of the healthcare system and the cost of their prescription drugs. Moreover, the rules for enrollment when someone already has insurance depend partly on whether they are employed by a large or small company.