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Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 12679
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
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If one is still working at age 70 and still has health

Customer Question

If one is still working at age 70 and still has health insurance via an employer group plan, is it mandatory that one has go on Medicare? Thank you.
JA: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Please tell me more, so we can help you best.
Customer: I know that I will have begin receiving social security at age 70. But I would prefer to remain on my group plan. Even though I am self-employed as a Financial Adviser, I have participated in a group plan fo the past 32years that is offered by one of the primary companies that we do business with. The total current group plan participations greatly exceeds 100 people.
JA: Is there anything else the Accountant should be aware of?
Customer: I referenced the fact that I am in the financial planning business. As such I am totally self employed as a the President/ owner of our firm. We gave other advisors in the firm. Some of which participate in the same group health plan as I do.
Submitted: 2 months ago.
Category: Social Security
Customer: replied 2 months ago.
I am waiting for an answer!
Customer: replied 2 months ago.
I am still waiting for an answer
Expert:  Lane replied 2 months ago.

Hi. My name's Lane ... looks like no one is picking this up.

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I can help ... bear with me a moment

Expert:  Lane replied 2 months ago.

Generally, if you are eligible for Medicare because you are over 65, the employer must have more than 20 employees to be the primary payer.

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As long as you document that you have a GROUP PLAN, you are not required to take Medicare part B (NO reason not to take part A, as it's free and MAY cover gaps that your group plan doesn't cover).

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Now, Social Security Retirement benefits are a different story. Given that the delayed retirement credits (DRC's), no longer to add to your retirement benefit, NOT taking the retirement benefit is simply leaving money on the table.

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But yes, you have NO reason to take Medicare Part B (which comes with a premium) unless you are NOT covered under a GROUP health plan.

Expert:  Lane replied 2 months ago.

Please let me know if you have ANY questions at all, before rating me.

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit")

I hope that you’ll rate me based on my accuracy and thoroughness, rather than any good news/bad news content.

That’s the only way JustAnswer.com will compensate me for the work here.

Thanks,

Lane

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice on three continents since 1986.

Customer: replied 2 months ago.
The information provided was very general and information I already know. The last answer relates to my initial question. However, in lieu of the other generalities I just read, is the last answer specifically addressing the age 70 issue and whether at age 70 is one required to drop the group coverage and enroll in Medicare?
Customer: replied 2 months ago.
I am waiting for an answer.
Customer: replied 2 months ago.
Could I please receive an answer?
Expert:  Lane replied 2 months ago.

There is NO requirement to drop group coverage at age 70.

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You, at least apparently, are confusing the age 70 issues that exist as relates to Social Secutiy reitrement benefits, to Medicare part B and group heal insurance issues.

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TWO UNRELATED ISSUES

Expert:  Lane replied 2 months ago.

As long as you have group health insurance provided by an employer for whom you are still working, you can delay enrolling in Part B, which covers doctors visits and other outpatient services and requires a monthly premium. When you eventually retire, or leave work, you'll be entitled to a special enrollment period of eight months to sign up for Part B without incurring a late penalty.

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(not sure where you'regetting this age 70 stuff ... again, unless you're confusing retirement benefits with Medicare part B)

Customer: replied 2 months ago.
The age 70 stuff in regard to group health vs. Medicare B is coming from our local Social Security office. Your answer was also my opinion concerning topic. However, the S.S. office is disagreeing. I did not have any other questions that needed an answer.
Expert:  Lane replied 2 months ago.

This one's n ot an opinion. It's Federal law. You're correct.

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The clerks on the front lines at Social Securities these days are atrocious.

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My bet would be that you would get a different answer if you go back and talk to another person (and very possibly a third answer is you went back again). ... not unlike what happens at IRS these days