Not enrolling in Part B or D coverage at the right time can cost big penalties down the road!
Many people understand that not enrolling in Medicare when you first become eligible can lead to late enrollment penalties when you do enroll, but what if you're working? Do you have to enroll in Medicare?
- As a rule most people should enroll in Part A Coverage approximately three months before their 65th Birthday - even if you already have health coverage. As long as you've worked enough quarters to qualify, your coverage for Part A is provided without a deductible.
- Part B coverage has a standard deductible of $148 as of 2021, but if you have coverage at work (and plan to keep working), you may be eligible to put off enrolling in Part B until that coverage ends. The coverage must cover at least what Medicare would cover to be creditable, so it's important to review your options with a licensed agent.
- When you lose that coverage, you will be eligible for a Special Enrollment Period and will be able to enroll in Part B coverage at that time.
If you are thinking about putting off enrolling in Part B, think twice:
- If you don't have creditable coverage but choose not to enroll in Part B, you will pay a late enrollment penalty. (The same is true of Part D coverage, but you can learn more about that on our Learning Center).
- For many people, the cost of Medicare is less than their employer sponsored coverage, so they are able to drop the group coverage and enroll in Medicare instead.
- If you're worried about the premium, there are programs in most states to help you pay those premiums. These are income-dependent and vary from state-to-state, but the majority of our clients in Minnesota get extra help from the State.
If you have questions about Medicare eligibility or shopping for a plan, you can read more and shop for plans on at www.MedicareInformation.net or use the button above to call and speak to a licensed agent.
