Can I enroll in both Medicare and a private insurance plan?

Is it possible to have both Medicare and private insurance at the same time?

Yes, it is possible to have both Medicare and private insurance at the same time. When you have both, Medicare and your private insurance work together to provide coverage, with one being the primary payer and the other acting as the secondary payer. Here’s how this works:

1. Employer-Sponsored Health Insurance:

   • If you're still employed and covered by an employer-sponsored health plan, Medicare and your employer insurance can coordinate coverage. If your employer has 20 or more employees, your employer’s insurance will be the primary payer, and Medicare will be the secondary payer. If your employer has fewer than 20 employees, Medicare becomes the primary payer, and your employer insurance is secondary.

2. Medicare and Retiree Health Insurance:

   • Some people may have retiree health benefits from a former employer. In this case, Medicare is the primary payer, and your retiree health plan serves as secondary coverage. Retiree insurance can help cover costs not fully paid by Medicare, such as deductibles and coinsurance.

3. Medicare and COBRA:

   • If you are eligible for Medicare while on COBRA (a continuation of your employer-sponsored health coverage), Medicare is typically the primary payer. However, in some cases, it’s recommended that you enroll in Medicare Part B to avoid gaps in coverage or late penalties, even if you’re on COBRA.

4. Medicare Supplement Insurance (Medigap):

   • You can also have Medicare Supplement Insurance (Medigap), which is designed to work with Original Medicare. Medigap policies help pay for costs not covered by Medicare, such as deductibles, copayments, and coinsurance. In this case, Medicare pays first, and Medigap covers the remaining eligible expenses.

5. Medicare and Marketplace Insurance:

   • Once you qualify for Medicare, you typically no longer need a Marketplace insurance plan. If you continue to have a Marketplace plan after enrolling in Medicare, Medicare will be your primary insurance, and the Marketplace plan may not provide the same coverage it did before.

It’s important to understand how your Medicare and private insurance work together, and when you might need both. For personalized advice on managing dual coverage, schedule an appointment with a Tsunami Advisor here: Schedule an Appointment.