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
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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 during your IEP, you can enroll in Medicare without a penalty for up to eight months after you retire, assuming you’re covered by a Nutanix medical plan (not including coverage through COBRA). (If you’re not enrolled in a Nutanix medical plan, you must enroll during your IEP or you will 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. Your spouse has up to eight months after their employer coverage ends to enroll in Medicare Parts A and B without a penalty.
If you enroll in Medicare and continue your current Nutanix medical coverage as well, your Nutanix plan is your primary plan and pays your medical bills first, and then Medicare will pay any additional covered costs. 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). You must be enrolled in a high deductible health plan to contribute and you can’t have any other health insurance. However, the savings 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.