Entrepreneur’s Involvement in Medicare Policies
Recently, we got a question from a contractor by name Matthew who informed us that he would be 65 next year and was trying to make a decision if he would join Medicare or remain in his company’s health insurance. This is a very common question we are asked because it is more of an uncertain situation as per what makes the most sense for you. I would like it to be clearer to everyone this day.
If you are an entrepreneur and you are trying to reach a Medicare decision, the first question you would like to answer is whether you can keep to the business plan. If your business has less than 20 employees, you must register with Medicare. (If you are disabled, there must be 100 persons, else you will need to enroll for Medicare.) Another question would be: “If you are in your business plan, how much does it cost not just you, but how much is it going to cost you as an entrepreneur?”
As an entrepreneur, your health insurance company should help you understand how your premiums will change next year at age 65. This is a crucial factor in deciding what the most sensible thing to do is. Another client, Benard, turned 65 when he found out that his personal and professional health expenses would increase considerably if he adhered to the business plan. To save yourself and your business money, we recommend you join Medicare.
This is not a complete black and white answer and ultimately depends on the price of health insurance for you and your business, but also other factors, including family members, in the health insurance of your company. Finally, some people decide to stay with their employer plan. Those who are in their health plan at work, usually
• They have other family members on their floor,
• You have extremely low health insurance if you stay on the floor
• have a lucrative income.
Medicare’s policy is that people with higher incomes have a higher cost of getting coverage. Often, these taxes are so high that they are better off in health insurance. What is the open enrollment period for Medicare? The prescription drug plans (Part D) and Medicare Advantage (Part C) make changes every year – such as coverage, costs, providers and pharmacies in their networks. From October 15 to December 7, each Medicare recipient can decide to change Medicare prescription drug and health plan coverage for the coming year to better fund their needs.
What can I do during the PEA?
- • Medication waiver by Medicare.
- • You can sign up for the Medicare Advantage plan instead of the original Medicare system.
- • You can also opt out of a Medicare Advantage plan and return to Medicare Original.
- • Complete a Medicare Advantage plan and move on to another.
- • Change a Medicare Advantage plan that does not include drug coverage for a plan that does and vice versa.
- • Switch from a previous plan to another prescription drug plan.
- • Join a Medicare prescription drug plan.