Medicare
As you approach Medicare eligibility, it's important to understand how Medicare works and how it might fit into your overall health coverage. The FAQs below are provided for informational purposes only and are not intended to be legal advice or advice about your individual eligibility for Medicare, or the impact of Medicare on your Databricks health coverage. Databricks recommends that you consult with the Centers for Medicare & Medicaid Services (CMS) to ensure you receive accurate information about Medicare eligibility and benefits. Additionally, it’s important that you review the plan document for your Databricks health coverage to understand how Medicare eligibility affects your coverage under the Databricks plan. If there is any difference between these FAQs and the applicable plan document, the terms of the plan document will apply.
What is Medicare?
Medicare is a federal health insurance program for:
- People 65 years old or older
- Individuals with specific disabilities or conditions
What are my options if I’m working past the age of 65?
You have a few options to consider.
- Option 1: Enroll during the Initial Enrollment Period (IEP). Sign up for Medicare Part A and/or Part B and waive Databricks’ group coverage.
- Option 2: Defer your Medicare enrollment. Because you have coverage as an active employee, you may wait to enroll in Medicare. Generally, if you’re covered by a Databricks’ group plan while employed, Databricks’ group plan will be the primary payer and Medicare will be secondary; but there may be situations where this does not apply. Please refer to the respective group plan documents for more details.
When can I enroll in Medicare?
You can enroll in Medicare during several key periods, depending on your eligibility and circumstances. Enrollment period information can be found on medicare.gov.
What are the different parts of Medicare?
Medicare is divided into four main components, each serving different healthcare needs:
- Medicare Part A (Hospital Insurance) Covers inpatient hospital stays, skilled nursing facility care, hospice care, and some home health services. Most people do not pay a premium for Part A if they or their spouse paid Medicare taxes for at least 10 years.
- Medicare Part B (Medical Insurance) Covers outpatient services such as doctor visits, preventive care, lab tests, and some home health care. Part B requires a monthly premium and has an annual deductible.
- Medicare Part C (Medicare Advantage) A private insurance plan that bundles together Parts A and B, and often includes Part D (prescription drug coverage). May offer additional benefits like vision and dental coverage. Costs and coverage can vary by plan.
- Medicare Part D (Prescription Drug Coverage) Provides prescription drug coverage through private insurance companies. It requires a separate premium and has its own deductible.
Does Medicare impact HSA eligibility?
Two key reminders if you are enrolled in a Health Savings Account (HSA) and reaching age 65:
- Medicare enrollment causes an individual to lose HSA eligibility. Keep in mind that anyone who is receiving Social Security retirement benefits is automatically enrolled in Medicare Part A (no opt-out permitted), and therefore automatically loses HSA eligibility.
- If you delay enrolling in Medicare after becoming eligible, your Part A enrollment will be retroactive for up to six months, which will impact your eligibility to contribute to an HSA from the start of your Medicare coverage. Make sure to plan ahead and stop making or receiving HSA contributions (including employer contributions) at least six months before applying for Medicare.
Is there a resource that can help me navigate through all the complexities of Medicare?
Wellthy has a team of experts that can:
- Educate you on the ins-and-outs of Medicare (i.e., part A, B, C, D)
- Evaluate Medicare plans and support you through the enrollment process
- Facilitate an annual review of Medicare plan elections
- Support and advocate for you and your family members through Medicare denials and appeals (for example during a hospitalization, rehab stay, etc.)
- Advocate for coverage through unique circumstances (i.e., death of spouse, widow coverage, etc.)
