People often ask “is Medicare is good as my employer’s health plan?”
There are variety of questions to ask:
- What is the cost of Medicare A & B and a Medicare Advantage plan, versus the cost of the employer-sponsored plan?
- Does the employer-sponsored plan have a high deductible?
- Is the employer-sponsored plan a low co-payment plan?
- Are there other dependents that are covered under the employer-sponsored plan that are going to continue to be covered under an employer-sponsored plan?
- Is Medicare A and B going to be primary based on the size of the employer?
- Would there be a penalization for not enrolling in Part A and Part B of Medicare when first eligible?
There are a variety of factors to consider, so it’s not easy to say if Medicare is as good as your employer’s health plan. You really must look at the benefits under the plan, the cost under the plan, and dependents that may continue to need coverage.