Medicare and Employer Coverage. How does Medicare work with employer insurance?

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If you are retiring and have employer coverage, then Medicare may or may not be beneficial for you. It’s going to depend on a few factors such as how much your coverage costs, how long you can keep it, and if you have a spouse or dependent that relies on your employer coverage. When on employer coverage, the first thing to know is if your coverage is “creditable.” This is the term used to identify if your employer coverage is approved by Medicare to pay - on average - as much as the standard Medicare plan. If it’s “creditable”, then your plan is approved by Medicare and therefore you will not have to pay any penalties for not enrolling into any Medicare coverage when first eligible. Your employer is required to let you know if your health and drug coverage is considered “creditable.” If your employer coverage isn’t “creditable”, then you may want to enroll into Medicare to avoid any penalties.
Many of those who are Medicare eligible are still working into their 70’s. So, to simplify it we’ll discuss employer coverage for those still actively working first, then employer coverage for retirees.
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