I’m Turning 65

Turning 65 is a big milestone. You may want to celebrate with family and friends by taking some time away from work.

Reaching 65 is a qualified life event to drop group health insurance if you enroll in Medicare. That means you can make relevant updates to your Alera Group benefits. You must make those updates within 30-45 days of turning 65, with the exceptions noted below.

Consider these changes and this important information:

• You may want to enroll in Medicare Part A (hospital insurance) during the three months before or after the month you turn age 65. Medicare Part A is free for most people and is effective on the first day of your birthday month if you enroll during this time.
• You may want to wait until you stop working to sign up for Medicare Part B (medical insurance) because you have to pay a monthly premium for Part B coverage. There is an eight-month special enrollment period to sign up for Part B after you stop working, although you should enroll in Part B when your active coverage ends, as COBRA pays secondary to Medicare.
• If you’re still working, you can have both Medicare and Alera Group medical coverage. If you choose both, the Alera Group plan pays first (primary payer) and Medicare pays second (secondary payer) while you are actively employed.
• If you want to delay Medicare enrollment while you have Alera Group medical coverage as an active employee, you do not need to provide notice to Alera Group or to the Social Security Administration.
• It’s important to know that you can no longer contribute pre-tax dollars to your Health Savings Account (HSA) if you enroll in Medicare Part A or B. If you wait to enroll in Medicare until after age 65, your Medicare Part A coverage may be effective retroactively by up to six months. You should consider this when making or receiving HSA contributions before enrolling in Medicare, since Medicare back dates your Part A coverage from the date you enroll. Remember, though, you can use your HSA funds to pay for expenses into retirement.

Making sure your will is up to date is also important. You want to know your estate plan accurately reflects your current wishes. If you’re enrolled in the Legal Benefit, it could be free for you to update your will. If you’re not currently enrolled, you can enroll during the next Open Enrollment period.

As you turn 65, you may be thinking about your plans for retirement, whether that’s around the corner or years into the future. Our Retirement checklist can help you think through your plans.

Speak with Alera Group’s individual health and Medicare experts for information, assistance and support every step of the way at 855-866-5710.

For questions about enrolling in Medicare, visit Medicare.gov, call 800-633-4227 (TTY: 877-486-2048) or use the live chat.

Reach out to the Employee Assistance Program (EAP) for Medicare-related resources or to speak with a counselor at any time. The access code is aleragroup.

If you have questions about your Alera Group benefits, contact the Alera Group Benefits Center at 888-850-1765 for personalized help.