If You Are Actively Employed When You Reach Age 65
If you are actively employed by Boston University at age 65, your membership in the Health Plan will continue as your primary insurance. You may delay enrolling in Medicare Parts A and B without a penalty as long as you remain covered as an employee under the Health Plan as a result of your current employment status.
When you retire, you should contact the Social Security Administration by calling 1-800-772-1213 to enroll in Medicare Parts A and B.
If you retire on or after age 65, your Health Plan coverage will end. You may decide to continue your Health Plan coverage through COBRA.
Medicare and the Health Savings Account
A Health Savings Account (HSA) is a tax-advantaged account used in conjunction with an HSA-eligible high deductible health plan (HDHP) that eligible individuals may establish to pay for current and future qualified medical expenses for themselves, their spouse, and their qualifying dependents. The BU Health Savings Plan is an HSA-eligible HDHP. You cannot contribute to a Health Savings Account if you are enrolled in Medicare.
Based on these IRS regulations, you should carefully consider your health plan options when enrolling in Medicare.
Coverage through Medicare
Additional information regarding Medicare can be found at Medicare Benefits Summary.