Did you know that there are penalties for delaying your Medicare enrollment?
We know you’d think that delaying accepting benefits could only be a good thing,
but, alas, there are dangers which you should know so you can make an
As noted in an LA Times article last month, entitled:
“Signing up late for Medicare Part B can trigger a lifelong penalty”
“For example, one recent caller to the Medicare Rights Center help line reported enrolling late for Part B and, as a result, paying an additional $52.45 a month, or $629 extra a year.”
So here’s a condensed version of the rule:
“There’s a seven-month window to enroll in Medicare that starts three months before your 65th birthday month and extends for three months afterward.
“If you’re collecting Social Security benefits when you turn 65, you are automatically signed up for an insurance package that includes both Medicare Part A (hospital coverage) and Part B. Part A for most people is free and Part B has a standard monthly premium of $104.90.
“If you haven’t yet tapped into your Social Security benefits, you need to take decisive action to enroll in Medicare. Missing the deadline can sometimes result in a lifelong penalty of 10% a year on the Part B premium for each year you fail to enroll.
“The best way to avoid trouble is to start asking questions early [like when you turn 64] because if you aren’t collecting Social Security benefits, you won’t get an official notice telling you to sign up….”
There are actually some situations that will affect your enrollment.
I’m only going to touch on these situations, so if any of them apply,
check out the link to the article, or go straight to the Medicare site
to get the right scoop (or you can call our office and one of our experts
will be happy to help you: 877.789.5831):
- Insurance at work;
- Extending coverage;
- Retiree benefits; and/or
- Private insurance.
Lastly, the article ended with some key points.
For example, they recommend, and we agree, that whenever you talk
with a Medicare official, be sure to take notes.
And, the very end of the article includes some good resources and links.
“According to the Centers for Medicare & Medicaid Services, just shy of 700,000 people were paying the late fee in 2012.”
DON’T Be One of Them! Let us help you: 877.789.5831