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This may have changed, but when my husband and I reached 65....There was a waiting peiod of 90 days before it became effective after we signed up for it.
I'll definitely contact HR and Medicare to see what my options are...but my health insurance at work is totally optional so I would just not enroll during the year end enrollment period, except for the coverage I would want to keep. In fact, at my age, I have a feeling they would be thrilled not to have to pay their part of my coverage!
Also, I think starting in 2013, as part of Obamacare, what the employer "pays" for my health insurance is also included as taxable income for Federal income tax purposes and will show up on W-2.
Also, I think starting in 2013, as part of Obamacare, what the employer "pays" for my health insurance is also included as taxable income for Federal income tax purposes and will show up on W-2.
Not true except for informational purposes only (not taxable), according to the information I'm linking below:
thanks, very interesting. But I do think it's on there for some "future" purpose, otherwise don't see what purpose it serves as to how much my employer is paying out for me or why the IRS needs to know. Actually my employer already lets me know because it's included in my benefits summary but that is probably not the norm for alot of companies. Maybe to increase our gratitude
Last edited by loveautumn; 04-11-2012 at 01:23 PM..
Reason: add wording
No they turned down taxing employer benefits as income in committee in the healthacre bill. Also if still working and havig employer coverage no penaalty when you sign up for part B then or part D.In fact if you then have a company supplement after retirement then if you chnage to part D then no penlaty either if you decide to change.The government gathers all kinds of information . For example they just release not long ago that the average per employer of contibution to employeee hwlthcare insurance was 13'000+ per year.Also if we see tax reform its likely to include all compensation as income because its basically a huge tax break.
Actually my employer already lets me know because it's included in my benefits summary but that is probably not the norm for alot of companies. Maybe to increase our gratitude
I am currently covered by employer health insurance (which I partly pay for) and wanted to sign up for Part A only when I turn 65. I called SS, spoke with an agent, and got signed up for Part A, but when I got the paperwork they had enrolled me in both Part A and Part B. Not off to a good start with this Anyway, they said to write them a letter explainingd that I do not want Part B at this time since I am still employed and have other health insurance. Meanwhile, I got my Medicare card in the mail showing both Part A and Part B. So I called and was told to keep that card until I get the corrected card in the mail, which would take like 30 days. I'm keeping my fingers crossed here...I don't want to start getting charged for Part B and have a big mess on my hands.
I was so totally clear with the 1st agent I spoke with that I only wanted Part A, we had a pretty lengthy conversation about it...I guess I'm not shocked that it was processed incorrectly but doesn't give me alot of faith in this system already.
I think it's kind of SOP that when you get your Medicare card - you have to opt out of Part B by completing the form that was mailed to you and sending it back. That's just the way the computer system works. Robyn
I am currently covered by employer health insurance (which I partly pay for) and wanted to sign up for Part A only when I turn 65. I called SS, spoke with an agent, and got signed up for Part A, but when I got the paperwork they had enrolled me in both Part A and Part B. Not off to a good start with this Anyway, they said to write them a letter explainingd that I do not want Part B at this time since I am still employed and have other health insurance. Meanwhile, I got my Medicare card in the mail showing both Part A and Part B. So I called and was told to keep that card until I get the corrected card in the mail, which would take like 30 days. I'm keeping my fingers crossed here...I don't want to start getting charged for Part B and have a big mess on my hands.
I was so totally clear with the 1st agent I spoke with that I only wanted Part A, we had a pretty lengthy conversation about it...I guess I'm not shocked that it was processed incorrectly but doesn't give me alot of faith in this system already.
Well, imho, one NEVER telephones or writes SS about anything. You walk into one of their offices and speak to an agent. I have NEVER handled any SS matters over the phone. NEVER.
Before I was 65, I visited an SS office about two miles from my house, because two years of earnings (max SS earnings for those years, as it happened) early in my working life were not credited. Took two visits, but I could provide tax returns, etc., had a knowledgeable, career agent (who has since retired) who processed those missing earnings. I had previously written SS, submitting tax returns and got correspondence back saying it was too late to change the record. Agent I saw said that was WRONG. Increased my monthly benefit about $100.
When I was 65, I went to an SS office, saw the same agent and enrolled in Part A. Never enrolled in Part B because I was working. But, of course, I had spoken face-to-face with an agent who knew I was working and had specifically asked if I wanted Part B. No telephone Chinese Wall to hide behind.
Later, when I was laid off at age 67-1/2, I went in to the SS office again with Evidence of Creditable Coverage and enrolled in Part B. When you finally need Part B, you will have to provide Evidence of Creditable Coverage.
Then a year later, I visited SS again to get a recalculation of my benefit because of high earnings my last working year. Brought in W-2s, paystubs, got it taken care of on the spot and my benefit went up again, plus I got back payment for the previous year.
As a result, I am well-acquainted with our local SS offices and how they function. You may as well find out now where your SS offices are located.
Per the SS website,
Quote:
Terminate enrollment with Medicare Part B
If you wish to terminate your enrollment, talk to us and we will help you submit a signed request for termination or Form CMS-1763. Termination is a serious decision if you wish to re-enroll later, you may have to pay a surcharge.
The Centers for Medicare and Medicaid Services (CMS) requires, when possible, a personal interview be conducted with everyone who wishes to terminate entitlement. Therefore, we do not offer form CMS-1763 online. We will help you fill out the form in-person or on the phone so we can make sure you understand the consequences of termination.
After the interview, a Social Security representative will give you a letter outlining the consequences of voluntary termination, the date your coverage will end and of the right to withdraw the termination request before coverage ends.
Termination of Medicare Part B will be effective at the end of the month following the month that you file the termination request.
For an interview, you can call us at 1-800-772-1213 (TTY 1-800-325-0778) 7 a.m. to 7 p.m., Monday through Friday or contact your local Social Security office.
If you don't get the form in the mail, visit an SS office. I would do that anyway, talk with a rep, and make sure they submit that form. Also, I don't call for appointments, mainly b/c assigned office for my zipcode is way to hell 'n gone, whereas there are two offices within 5 miles of me, and I can drive downtown in 7 minutes and visit the main office. Besides which I HATE using the SS 800 number. By the time I get through all the options and waiting, I could have driven to one of their offices. I have zero patience these days for the technology barriers, so avoid them whenever I can. And, as you've learned, using the telephone does not necessarily guarantee a good result.
So, I go in, take a number, and wait. Usually not more than 15 or 20 minutes at most.
Last edited by Ariadne22; 07-31-2012 at 05:25 PM..
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Anyway, they said to write them a letter explainingd that I do not want Part B at this time since I am still employed and have other health insurance. Meanwhile, I got my Medicare card in the mail showing both Part A and Part B. So I called and was told to keep that card until I get the corrected card in the mail, which would take like 30 days. I'm keeping my fingers crossed here...I don't want to start getting charged for Part B and have a big mess on my hands. 
