There is much to consider before knowing if staying on your employer plan is the best decision or even if this option is available to you.

Twenty is an important number in this situation. If your employer has 20 or more employees, the company insurance will remain in the first payer position and you will have the option to remain on the company plan after turning 65. You also have the option to delay enrolling in Part B (the medical portion) of Medicare, thereby postponing having to pay the Part B monthly premium of $144.60.

Other things to consider when making this decision include:

• How much are you contributing toward the company insurance on a monthly basis?
• Is there a deductible, co-insurance or co-pays you are required to satisfy?
• Is a spouse and/or dependent also covered by the company plan and will he/she lose the benefits if you opt-out?
These questions can be answered by contacting your HR department or benefits administrator.

If an employer has less than 20 employees, Medicare would automatically be in the first payer position and you would then be required to enroll in Medicare A and B as well as Part D (prescription drug coverage), eliminating a possible future penalty. Many small employer plans in a secondary payer position will cover very little or nothing at all once employees become eligible for Medicare.