NYT’s Paula Span gives us the heads up in her article in the NYT’s New Old Age section: Don’t Wait to Sign Up for Medicare Part B. Waiting and missing the deadline can result in permanently higher premiums when you do choose to sign up (10% per year). She has much more at the link, including how to sign up for the plan. By Allen Ayres
Full Answer
Can Medicare Part B be added at any time?
Special Enrollment Period If you are eligible for the Part B SEP, you can enroll in Medicare without penalty at any time while you have job-based insurance and for eight months after you lose your job-based insurance or you (or your spouse) stop working, whichever comes first.
What happens if I don't sign up for Medicare Part B when I turn 65?
If you didn't get Part B when you're first eligible, your monthly premium may go up 10% for each 12-month period you could've had Part B, but didn't sign up. In most cases, you'll have to pay this penalty each time you pay your premiums, for as long as you have Part B.
Can I delay Medicare Part B enrollment without paying higher premiums?
Coverage usually starts the first day of your 65th birthday month. If you have other creditable coverage, you can delay Part B and postpone paying the premium. You can sign up later without penalty, as long as you do it within eight months after your other coverage ends.
How do I avoid Medicare Part B penalty?
One way to avoid the Medicare Part B Penalty is to enroll during your Initial Enrollment Period. If you're turning 65, you can enroll in Medicare Part B during this enrollment period. Your Initial Enrollment Period begins on the first day of the month, three months before you turn 65.
When should I sign up for Medicare Part B if I am still working?
You can wait until you stop working (or lose your health insurance, if that happens first) to sign up for Part B, and you won't pay a late enrollment penalty.
How long does it take for Medicare Part B to be approved?
You can also call the Social Security Administration at 1-800-772-1213 or go to your local Social Security office. It takes about 45 to 90 days to receive your acceptance letter after submitting your Medicare application.
Can you delay Medicare Part B if you are still working?
Once you enroll in any part of Medicare, you won't be able to contribute to your HSA. If you would like to continue making contributions to your HSA, you can delay both Part A and Part B until you (or your spouse) stop working or lose that employer coverage.
Why was my Medicare Part B Cancelled?
Depending on the type of Medicare plan you are enrolled in, you could potentially lose your benefits for a number of reasons, such as: You no longer have a qualifying disability. You fail to pay your plan premiums. You move outside your plan's coverage area.
Does Medicare Part B premium change every year based on income?
Remember, Part B Costs Can Change Every Year The Part B premium is calculated every year. You may see a change in the amount of your Social Security checks or in the premium bills you receive from Medicare. Check the amount you're being charged and follow up with Medicare or the IRS if you have questions.
What is the Medicare Part B premium for 2022?
$170.102022. The standard Part B premium amount in 2022 is $170.10. Most people pay the standard Part B premium amount.
Can I get Medicare Part B for free?
While Medicare Part A – which covers hospital care – is free for most enrollees, Part B – which covers doctor visits, diagnostics, and preventive care – charges participants a premium. Those premiums are a burden for many seniors, but here's how you can pay less for them.
Is Medicare Part B required?
Medicare Part B isn't a legal requirement, and you don't need it in some situations. In general, if you're eligible for Medicare and have creditable coverage, you can postpone Part B penalty-free. Creditable coverage includes the insurance provided to you or your spouse through work.
What is the best time to sign up for Medicare?
The Initial Enrollment Period is arguably the most important enrollment periods for you to know and understand. Your IEP is a seven-month window of time and is the best time to sign up for Medicare.
Is it a no brainer to sign up for Part B?
Waiting to sign up for Part B can be accompanied by some serious, life-long consequences. For some, signing up is a no-brainer (or even happens automatically) while for others, their situations can complicate the decision.
Is Medicare Part B premium free?
Medicare Part B coverage is not so cut and dry. For starters, Part B is not premium-free. Most people will pay a monthly premium based on their income. The only exception is for people with very low incomes who qualify for Medicaid. These folks may have their Part B premiums paid for by Medicaid.
When does Medicare require you to sign up for Medicare?
Medicare requires enrollees to sign up during a limited window before and after their 65th birthday. Failing to do so leads to stiff late-enrollment penalties that continue for life, and potentially expensive, long waits for coverage to begin.
How old was Tony Farrell when he switched to Medicare?
Tony Farrell turned 65 four years ago — the age when most people shift their health coverage to Medicare. But he was still employed and covered by his company’s group insurance.
What is Beneficiary Enrollment Notification and Eligibility Simplification Act?
The legislation — the Beneficiary Enrollment Notification and Eligibility Simplification Act, also would eliminate coverage gaps now experienced by enrollees during the Initial Enrollment Period and General Enrollment Period. The legislation was introduced in Congress last year, and will be reintroduced this year.
How long does Medicare coverage last?
And the timing can be complicated, because Medicare Part A coverage is retroactive for six months for enrollees who qualify during those months.
What happens if you miss your 65th birthday?
If you miss that window, you will be subject to a late enrollment surcharge equal to 10 percent of the standard Part B premium for each 12 months of delay — a penalty that continues forever. That can really add up. In 2017, 1.3 percent of Part B enrollees paid penalties (about ...
How much is Medicare premium in 2019?
In 2019, the base monthly premium is $33.19, so a seven-month delay would tack $2.32 onto your plan’s premium. Late enrollment also exposes you to significant gaps while waiting for Medicare coverage. Medicare has three enrollment periods.
How long does Farrell keep his health insurance?
Four months later, Mr. Farrell was laid off, but he kept the company’s health insurance for himself and his family under the Consolidated Omnibus Budget Reconciliation Act (Cobra), the federal law that allows employees to pay for coverage as long as 36 months after a worker leaves a job.
When do you have to sign up for Part B?
As for when you can sign up if you miss the deadlines: For Part B, you’d have to wait until general enrollment, which is every year from Jan. 1 through March 31, with coverage taking effect July 1. That means a potential gap in health coverage.
What happens if you wait until you turn 65 to enroll in Part B?
Be aware, though, that if you wait until the month you turn 65 or during the three months after that to enroll, your Part B coverage will be delayed, which could cause a gap in coverage. Regardless of whether you are auto-enrolled or sign up on your own at age 65, there are other deadlines to know.
How long does it take to get a Medigap plan?
Generally speaking, you get a six-month period during which you are guaranteed to get a Medigap plan regardless of your health. Outside of that, unless your state has different rules, an insurer can charge you more or reject coverage if you have certain conditions.
How many people are on medicare?
There are about 62.4 million people on Medicare, the majority of whom are at least age 65, which is when you become eligible for coverage. While some beneficiaries are automatically signed up, others may only partially enroll or take no action because they have qualifying coverage elsewhere. Missing the deadlines that apply to your situation could ...
How long does it take to get Part D coverage?
For people living abroad who sign up for Part D upon returning to the U.S., there is no late-enrollment penalty as long as you get coverage within two months.
What is the penalty for not getting Part D?
If you don’t get Part D coverage during this time, whether through a stand-alone plan or an Advantage Plan, and later go to sign up, the penalty is 1% of the national base premium ($32.74 for 2020) for each full month you should have had that coverage.
Do higher earners qualify for medicaid?
Higher earners pay more for Parts B and D, while low earners may qualify for Medicaid coverage and get extra help for pre scriptions. There are also Medicare Advantage Plans (Part C) as well as Medicare supplement plans, aka “Medigap” (more on these options farther down).
Does Cobra end with Medicare?
If you have COBRA coverage, you need to know that your COBRA coverage normally will end if you enroll in Medicare. This puts you in an either-or situation, and you need to compare the benefits of keeping your COBRA coverage while it remains available to the benefits of switching to Medicare.
Is Medicare Part B compatible with VA?
But, as I wrote recently, Medicare is generally compatible with private health plans as well as the VA Medical Benefits Package. Although someone with good alternative coverage may reasonably decide to opt out of Medicare Part B ...
Can I delay enrolling in Medicare if I have Cobra?
That’s a strong sign that you shouldn’t delay enrolling in Medicare if you’re expecting COBRA coverage in the future. And, remember, it’s Medicare and not COBRA that you can expect to stay in your corner for life. 2. I have a Health Savings Account (HSA).