Medicare has several parts that work together to provide you medical coverage in retirement. Full details are at medicare.gov, but here are the highlights of what each does.
Covers inpatient stays and/or care in a skilled nursing facility.
Covers doctors visits, lab work, vaccinations, and other outpatient treatments.
Private insurance for hospital and medical care that supplements standard Parts A and B.
Covers prescription drugs.
We know figuring out what to do next may feel overwhelming. Here are a few tips to guide your next steps.
If you have an HSA, make sure to contribute as long as you can. Once you enroll in Medicare, you can no longer contribute to your HSA or receive HSA contributions from NVIDIA.
A lot of Medicare information will be mailed to your home when your 65th birthday approaches. Be on the lookout, and read it carefully when it arrives.
Save the official notice NVIDIA mails, called Notice of Creditable Coverage. You may need it if you decide to join a Medicare drug plan later.
Contact Care Counsel to talk through complicated scenarios, like when you should enroll in Part A, if you should enroll in Parts B—D, what happens when one spouse becomes eligible for Medicare while another is still working, and how Medicare and your NVIDIA benefits work together.
Medicare information will be mailed to your home three months prior to your 65th birthday. Be on the lookout and read it carefully when it arrives. You will have a few decisions to make regarding if and when you sign up for Medicare. Whatever you choose, be sure to inform the Social Security Administration of your decision within the timelines noted.
Be aware that a few months prior to turning 65, you may be overwhelmed with receiving mail and phone calls from insurance companies wanting you to sign up for Medicare Supplemental Plans, Prescription Drug Plans, and Medicare Advantage Plans.
If your domestic partner continues medical coverage under NVIDIA, Medicare pays primary benefits. The NVIDIA plan pays secondary benefits regardless of whether your domestic partner enrolls in Medicare. This means that the NVIDIA medical plan will only pay secondary benefits after what Medicare would pay, regardless of whether your domestic partner is enrolled in Medicare. It’s highly recommended that your domestic partner enrolls in Medicare when eligible so they receive the maximum coverage under both Medicare and the NVIDIA plan.
If you’re working and enrolled in an NVIDIA medical plan when you reach age 65, your medical benefits won’t be affected. Even if you enroll in Medicare and continue to stay enrolled in your NVIDIA medical plan, your NVIDIA medical plan will be the primary plan that pays your healthcare claims. Learn more about how Medicare works with other insurance.
If you keep your NVIDIA medical plan — but also enroll in Medicare — you can no longer contribute to your HSA or receive HSA contributions from NVIDIA.
Your spouse’s Medicare enrollment does not affect your HSA eligibility. If you have medical coverage for yourself and your spouse at NVIDIA, you can continue to contribute the full family amount to your HSA as long as you aren’t enrolled in Medicare, even if your spouse is already enrolled in Medicare.
You’re first eligible to enroll in Medicare during a window of time called your Initial Enrollment Period, or IEP. Your IEP is from the three months before your 65th birthday through the three months after your 65th birthday. Visit www.medicare.gov for detailed information about enrollment periods. If you’re enrolled in a NVIDIA medical plan, there’s no requirement to enroll in Medicare until you retire.
Medicare Part A, known as “hospital insurance,” covers inpatient hospital stays and/or care in a skilled nursing facility. During your IEP, you’ll need to enroll in or decline Part A. It’s usually premium-free, although in certain situations, you may not be eligible but can pay a premium for Part A coverage. You might find it makes sense to delay your Part A enrollment if you’re actively employed and covered under an employer group health plan. It’s a good idea to contact the Social Security Administration at 1-800-772-1213 to confirm enrollment in Part A or to delay your Part A enrollment if that is what you choose to do.
Medicare Part B, known as “medical insurance,” covers doctor’ visits, lab work, vaccinations, and other outpatient treatments. During your IEP, you’ll need to enroll in or decline Part B. If you’re enrolled in one of the NVIDIA health plans, you may decide to delay your Part B enrollment. It’s a good idea to contact the Social Security Administration at 1-800-772-1213 to confirm enrollment in Part B or else to delay your Part A enrollment if that is what you choose to do.
Medicare Part D is the part of Medicare that helps you take care of your prescription drug costs. You’ll need to enroll in a Medicare-approved insurance plan to take advantage of this coverage. If you’re an active employee, NVIDIA’s coverage is better, so you can keep your current plan and join a Medicare-approved plan later. Be sure to save the official notice NVIDIA emails, called Notice of Creditable Coverage. You can also find this in the “Important Documents'' section of the NVIDIA Benefits website. You may need this information if you decide to join a Medicare Part D plan later.
At retirement, you may decide it’s best to purchase additional health insurance that supplements the coverage that Medicare provides. Some examples include Medicare Advantage, Medigap, and Medicare Part D prescription drug plans. Each of these plans coordinates with Medicare and provides you with additional coverage when you see the doctor, but usually require you to pay a premium.
If you’re covered by an active NVIDIA 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 NVIDIA 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:
Via Benefits is a service available to help you or a family member find the best health insurance for your situation. Via Benefits will connect you to a range of Medicare Advantage, Medigap, and Part D plans. The service is at no cost to you. Specialists will help you research, compare, and enroll in an individual plan that meets your specific needs, covers prescription drugs, and fits within your budget. You can visit the Via Benefits website or speak to an expert Monday through Friday, 5am - 6pm Pacific, at 1-855-488-4553.
Medicare
Social Security Administration
1-800-772-1213
1-800-325-0778 (TTY)
Via Benefits
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