There are many benefits to keeping your Medicare coverage even though you are still employed and covered under your employers group insurance. Including Medicare coverage as part of your insurance package is an simple way to ensure that your medical fees will be paid in full. It also aides in alleviating the added stress of worry or concern over co-pays, out-of-pocket expenses, and high deductibles that the patient is responsible for if there is no secondary payer.
Another advantage to enrolling in Medicare even though you are still employed is that allows you to avoid the late enrollment penalty that may be charged if you enroll in Medicare after the initial enrollment period is over. Also, if you do not enroll in Medicare during the initial enrollment period, which is typically 1 to 3 months prior to your 65th birthday, than you may have to wait for the next open enrollment period to sign up for Medicare. This could possibly result in a lapse of any healthcare coverage at all and medical expenses could incur if an emergency were to arise.
While it is true that you could save the money that you must spend on the Medicare premium, it is important to weigh all the pros and cons of opting out of Medicare coverage because you are covered by group health insurance. Not having Medicare is a calculated risk that could have stiff consequences. Remember you can still keep your Medicare benefits while working just be aware of which insurance is being billed as the primary payer so you do not get hit with unexpected medical bills. Many people over 65 still work but continue to enjoy the security of their Medicare coverage.