Feb 17, 2020

There is a lot of talk about "Medicare for All," but what about Medicare as we know it today? You’re probably thinking, “How hard can it be?” Well, you’re about to not only find out just how challenging it can be, but also contemplate questions like, “How long do pay the Parts B and D late enrollment penalties if you’re immortal?”

In this episode, Ed and Scott discuss the intricacies of the current state of Medicare eligibility and coverage, a topic soon to be near and dear to (old man) Ed’s heart. The guys are joined by Mark Holloway, J.D., also of Lockton’s Compliance Services division, who gives the low down on:

• What is Medicare and who qualifies?
• What are the four main parts of Medicare? What’s the difference between them all? (Who is up for Medicare lasagna?)
• Do I automatically get my Medicare card in the mail when I turn 65?
• Is Medicare free? (As if it were that simple.)
• Can you just pay people over 65 to leave your employer plan and tell them to get Medicare instead? (No, duh. Even Priya knows that one.)
• Can an employee have dual coverage – both Medicare and an employer plan? If so, when does it makes sense? (Hint: Do not elect COBRA if you retire at 65 or later.)
• Can an employee on Medicare still make HSA contributions?
• Are there any penalties for not enrolling in Medicare when you’re first eligible? What the exceptions, and why are they traps for the unwary, like Ed?