In 2018 an estimated 36 million workers, or about 23% of the US labor force, continued working past age 65, according to recent data published by the US Dept. of Labor’s Bureau of Labor Statistics (BLS). By 2024, baby boomers (born between 1946 and 1964) will reach ages 60 to 78, many of whom will continue working even after they qualify for Social Security retirement benefits (and Medicare). As compared to 2014 labor force data, BLS projects that the number of older workers (aged 65 and older) will increase by 10.9%, compared to a projected 5% increase in the entire US labor force.
With these changes to employee demographics, employers face challenges and are increasingly asked to provide employees with information about how Medicare eligibility and entitlement affect group health plans.
During this 1-hour presentation, the Hays Companies Research and Compliance Team will cover the following topics:
- What are the various components of Medicare, and what are the costs?
- When can/should disabled individuals and individuals who are age 65 or older enroll in Medicare?
- For active employees, does eligibility for Medicare affect group health plan coverage?
- How do the plans coordinate benefits?
- How does Medicare entitlement affect eligibility to contribute to an HSA?
- Does gaining new Medicare entitlement permit employees to change their health coverage elections?
- How does Medicare entitlement impact eligibility for COBRA continuation coverage?
- When employees have coverage under our health plan and are also eligible for or covered by Medicare, what are our reporting and disclosure obligations as the employer/plan sponsor?
This webinar is approved for SHRM and HRCI credits.