Health Care Advocacy
(866) 695-8622
Achieving Medicare eligibility is a major milestone, and for most people, it raises lots of questions. The following information and resources can help you understand your choices.
You’re first eligible to enroll in Medicare during your initial enrollment period (IEP), which begins three months before the month of your 65th birthday and ends three months after the month of your 65th birthday.
If you participate in an employer active-employee medical plan (not COBRA), you can enroll in Medicare without a penalty when you retire.
If you apply for age-based Social Security benefits before or at age 65, you’ll be enrolled automatically at age 65 in Medicare Part A, which is premium-free hospital insurance that covers inpatient stays and care in a skilled nursing facility.
You can generally avoid automatic enrollment in Medicare Part A by not applying for Social Security benefits to begin at or prior to age 65.
Note: You may be enrolled in Medicare automatically because of other rules that apply in your state. To check your Medicare enrollment status and learn about opt-out options, visit medicare.gov, or contact your local Social Security Administration office.
Medicare Part B is medical insurance that covers doctor’s visits, lab work, vaccinations, and other outpatient treatments. During your IEP, you’ll need to enroll in or decline Part B.
If you’re covered by an employer medical plan (not COBRA), you can decline Part B coverage.
Unlike Medicare Part A, you’ll pay a premium for Medicare Part B.
When you enroll in Medicare Part B, you may need to complete Form CMS-L564 Request for Employment Information, which includes medical coverage and employment information. Contact Synopsys Benefits to have them complete the employer section of your form.
If you’re covered by an active-employee Synopsys medical plan (not COBRA), you can enroll in Medicare without a penalty for up to eight months after you retire.
The same applies for your spouse if you cover them as a dependent on your Synopsys medical plan. Your spouse has up to eight months after your employer coverage ends to enroll in Medicare Parts A and B without a penalty.
There are two rules to know about this eight-month special enrollment period:
If you enroll in Medicare while employed by Synopsys and keep a Synopsys medical plan, your Synopsys plan remains the primary plan that processes and pays your health care claims. Medicare would be the secondary payer.
Enrolling in Medicare is a life event that will allow you to drop or change medical coverage for yourself and/or your dependents. Visit Benefitsolver to change your Synopsys medical plan.
Contact Health Advocate at (866) 695-8622 to discuss the pros and cons of enrolling in Medicare, maintaining dual coverage, or discontinuing your Synopsys coverage.
Enrollment in any part of Medicare will affect your eligibility to contribute to a Health Savings Account (HSA). When your Medicare coverage takes effect, you won’t be eligible to contribute to an HSA or receive HSA contributions from Synopsys. To avoid excess HSA contributions, you should be aware of these rules:
After you retire, you’ll be glad you saved money in an HSA before you enrolled in Medicare. You can use your HSA tax-free to pay for Medicare premiums and any eligible out-of-pocket medical expenses.
COBRA is a temporary extension of the health insurance you had while working and for which you pay the full premiums. Here are some important facts to know about Medicare and COBRA:
Synopsys has partnered with Health Advocate to provide Medicare advice at no cost to you. They know the Synopsys medical plans and are knowledgeable about Medicare and HSAs, so they’re an excellent resource to help you make the best decisions for your situation.
If you want to know more, you can go straight to the source by visiting medicare.gov, where you’ll find lots of information about all aspects of Medicare, including the booklet Medicare & You. You may also want to refer to UnitedHealthcare’s Simple Guide to Medicare.