Employer To Medicare
Review these common considerations when moving from employer-provided coverage to Medicare.
Medicare And Your Health Savings Account (HSA)
If you have an HSA, stop adding to it six months before you enroll in Medicare to avoid a tax penalty. After enrolling in Medicare, you can use the money left in your HSA to pay for Medicare premiums, copays, deductibles, and coinsurance.
Medicare And Your Health Reimbursement Arrangement (HRA)
You can use an HRA to pay some medical expenses and Medicare premiums. However, be aware that your account won't be accessible once you stop working for the employer providing the HRA.
COBRA – Continuation Of Coverage
If you have COBRA, your coverage will stop when you become eligible for Medicare. Sign up during your Initial Enrollment Period to avoid any gaps in coverage.
Coverage For Military Personnel (TRICARE)
If you are an active service member, at 65, you can sign up for Medicare during the Initial Enrollment Period and keep your TRICARE coverage into retirement.
If you're considering a Medicare Advantage plan, choose one without prescription drug coverage. Your TRICARE prescription drug coverage will likely be better.