Over 65 and still on employer insurance?

Contrary to popular belief, Medicare could actually provide better coverage at a lower cost than an employer plan. Health care inflation has driven premiums skyward, which has caused many employers to shift costs to employees through higher deductibles and copays to balance the cost equation. According to Kaiser Family Foundation's 2018 Employer Health Benefits Survey, covered workers paid 18% of their single coverage and 29% of their family coverage premiums. With the average premium for people in their 60s running upwards of $543 per month depending on their state, according to ValuePenguin, those costs add up.

Workers over 65 may find that they can reduce their out-of-pocket costs by enrolling in Medicare and choosing to forgo their large employer's health insurance plan. Should they decline their employer-provided coverage, individuals may not only spend less -- most people don't pay premiums for Part A, and Part B premiums could be as low as $135.50 or as high as $460.50 per month, depending on their income -- they also may be able to get better coverage for the services they need. Older Americans should sit down and compare plan options in order to make the most budget-friendly decision, and also consider their single or joint income in this process. If their single income is more than $85,000 or joint income more than $170,000, their Medicare premiums could be higher due to a high-income surcharge.

Call Denis Ravi at Coastal Insurance Agency to review your options today! 386-262-1009

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