Business Owners Employee Medical & Medicare Benefits

Medicare eligibility guidelines are not the same for all businesses. Note understanding the rules, regulations, guidelines, and penalties to be costly. 

Did you know that if you are employed by a large company, there are different Medicare guidelines than someone who works for a small company. A small employer is considered a company with less than 20 employees.

The full-time employee can remain on the group health plan. Understand that Medicare will be primary when you’re actively at work for a small employer, therefore you will need to enroll onto Medicare parts A & B with you turn age 65. Now you can choose to keep your employer’s coverage as a secondary insurance, however, you or your employe will be paying 100% premium for 20% medical coverage.

Remember, since Medicare will be your primary coverage, it’s extremely important that you have both parts of Original Medicare. Hence, if you do not enroll onto Medicare Part B, you could be responsible to 80% of your outpatient expenses.  

In addition, you could also be penalized for not enrolling during your initial enrollment period (IEP).  Initial Enrollment Period is three months prior to your 65^th birthday through 3 months after your 65^th birthday. The penalty you accumulate for not enrolling in Medicare during your initial enrollment period is 10% of the national average premium for each year that you go without Part B coverage. Note this is only waived if you become dual eligible; NJ residents who have both Medicare and Medicaid, are known as “dual eligibility.”

In short, Original Medicare, Parts A & B with a tailored Part D along side a Medicare supplemental plan while employed is a win…win for the employee and the employer.

Hence the employee could have coverage that is considered full indemnification. Most times, resulting in less financial exposure for the business owner with regards to premium.

It's A Win....Win

In short, Original Medicare, Parts A & B with a tailored Part D along side a Medicare supplemental plan while employed is a win…win for the employee and the employer.

Hence the employee could have coverage that is considered full indemnification. Most times, resulting in less financial exposure for the business owner with regards to premium.

Our Purpose:

We understand that the Group Medical Benefit selection and enrollment process can be confusing.

Our consultants anticipate clients’ wants, needs and communication preferences. The agency model is based on putting our client first and at the core of our business.

We recognize the need for a long-term financial safety net strategy as we mature in age; therefore we provide exceptional tailored and personalized service to include:

• Employee Group Medical Benefits
• VA Healthcare and Medicare Consulting
• Medicare consultation & education services
• Life insurance products with living benefits

Contact Us:

Contact us for a consultation or

Complete a contact form on our website and we will contact you!!

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Office:     (732) 231-2880

Toll Free:  (800) 314-2119

Fax:     (732) 960-5207

Swinell Agency

 Office: (732) 231-2880 Toll Free: (800) 314-2119

Fax: (732) 960-5207

Email: info@vmlvisionsagenc.com | Website: www.vmlvisionsagency.com 

Disclaimer

Swindell Agency has the ability as independent consultants not captive to a particular carrier to match suitable coverages and products with each client's unique needs.  Swindell Agency does not provide tax or legal advice. You are encouraged to consult your tax advisor or attorney. Product, feature and services availability may vary by state. Guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. This Newsletter is being provided as a service to you. It may contain information and opinions in articles that are provided by a third party and have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by Swindell Agency.