If you reach the age of retirement and have a spouse still working who has both of you covered by a company health plan, you can delay signing up for Medicare Part B which covers doctors' bills and Part D which is prescription drug coverage.

In fact, it can make sense delaying the sign up. You will avoid paying the premiums as long as you are covered by your spouse.

With Part B there will be no penalties assessed as long as you sign up within 8 months of your spouse's end of employment or end of the coverage, whichever comes first.

Assuming that your spouse's plan also offers drug coverage, you also have a 63 day window after coverage ends to sign up for Part D, penalty free.

Learn more about this by reading the "Medicare and You 2006 Handbook". It's available at your local Social Security office or by logging onto www.medicare.gov.