Whether they're shoring up their savings or keeping busy, a greater share of people over 65 will remain in the workforce. These employees will need to pay close attention to their employee benefits this fall. Here's why.
Opting to continue working will also affect the enrollment process once you sign up for Medicare later.
Those who miss that window may be subject to a 10% late-enrollment penalty on their Medicare Part B premiums, applicable for each 12-month period for which they were eligible but didn't sign up. Retiree health benefits and coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, or COBRA — the extension of employee benefits to people who would have otherwise lost them due to job termination — don't count as qualified employer coverage.HSA contributionsBe aware that if you have a high-deductible plan with a health savings account at work, you cannot contribute to it once you've signed up for Medicare.
Next year, account holders with self-only coverage can put away up to $3,550 or $7,100 for family plans. If you're 55 and older, you can save an additional $1,000.
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