Reaching Medicare eligibility is a major milestone, and for most people, it raises lots of questions. The following information and resources can help you understand the benefits available to you and when to enroll.
Enrolling | Penalty-Free Period | Coordination with Your Nutanix Plan | Impact to HSA | Support: MyAdvocate and Medicare.gov
You’re eligible to sign up for Medicare during a seven-month Initial Enrollment Period (IEP). Your IEP begins three months before you turn 65 and continues until the last day of the third month after you turn 65. If you don’t enroll during this time, you may have to pay a late enrollment penalty.
Your Medicare benefits are divided into three parts:
Visit www.medicare.gov for more information and to enroll.
If you don’t enroll for Medicare Parts A or B during your IEP, you can usually enroll in Medicare without a penalty for up to eight months after you retire, assuming you’re covered by an employer-sponsored plan, such as a Nutanix medical plan (not including coverage through COBRA). (If you’re not enrolled in an employer-sponsored plan, such as a Nutanix medical plan, you must enroll during your IEP or you'll pay a penalty.)
There are two rules to know about this eight-month special enrollment period:
The same applies for your spouse, if you cover them as a dependent on your Nutanix medical plan or they have coverage through their own employer. Your spouse has up to eight months after their employer-sponsored coverage ends to enroll in Medicare Parts A and B without a penalty.
Important note! Medicare is complex and you should consult a Medicare specialist to determine what’s right for you.
If you enroll in Medicare and simultaneously continue your current Nutanix medical coverage, your Nutanix plan will generally be the primary plan that pays your medical bills first, and Medicare will be secondary. You may have to pay an outstanding balance for any costs not covered by your Nutanix plan or Medicare.
If you enroll in Medicare Part A or B, you can’t continue to contribute to your Health Savings Account (HSA) and will no longer be eligible to participate in the UHC CDHP – HSA medical plan. This is because the plan and the HSA are combined and you can’t have any other health insurance when enrolled in this plan type. However, any savings you accumulated in your HSA will always be yours, and you can continue to withdraw money from it to pay for qualified medical expenses, tax free.
Visit www.medicare.gov for more information.
Your personal health assistant with MyAdvocate can also walk you through your Medicare choices to help you make the best decision. For assistance, call MyAdvocate at 833-968-1775 or visit the MyAdvocate website.