Should I Sign Up for Medicare or Keep My Employer's Plan?

Eligibility for Medicare begins at age 65, but you can actually sign up before then. Specifically, your initial Medicare enrollment window begins three months before the month of your 65th birthday, and it ends three months after that month. All told, you get seven months to enroll in Medicare and secure health coverage. But what if you're still working by the time you're allowed to sign up for Medicare? Should you enroll, or should you stick with your employer's plan?

Normally, enrolling late in Medicare puts you at risk of getting hit with penalties on your Part B premiums. But if you're covered by a group health plan at work with at least 20 employees on it, that penalty won't apply. As such, you should ask yourself these questions to see whether it pays to sign up for Medicare or keep the group health coverage you're entitled to.

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Source Fool.com