It depends. Most people who’ve worked and paid taxes are eligible for premium-free
But depending on your circumstances, it may be in your best interest to
When it comes to Medicare, there are lots of rules for enrollment. Many of them are there to protect you, but a few can result in penalties if you’re not aware of them.
Here’s some straightforward information that can help you avoid Medicare late enrollment penalties and keep you on track as you explore your Medicare options.
It depends. Most people who’ve worked and paid taxes are eligible for premium-free
But depending on your circumstances, it may be in your best interest to
As with any group insurance plan, Medicare needs healthy people paying premiums to help offset the cost of covering people who need to use more of its benefits.
If everyone waited until they needed a plan to enroll, costs would skyrocket. So you can delay enrollment in Medicare Part B or in a Part D prescription drug plan—and delay the monthly premiums—but you may pay a higher premium once you decide it’s time to enroll.
Here’s an overview based on the various parts of Medicare coverage:
There are exceptions to the rule, however. If you or your spouse is still working and has healthcare coverage through an employer or other creditable source, such as an individual healthcare plan or a state-established healthcare plan, you can wait to sign up for Part B or Part D without paying a penalty.1
But once your employer coverage is gone, the only way to avoid a penalty is to enroll in Part B during what’s called a
For the most part, the same rules apply. If you are working past 65 and receiving healthcare coverage (along with at least 20 other plan members), you may
When it comes to Medicare, there are a lot of rules.
Many of these rules are there to protect you, but a few can derail your enrollment plans if you’re not aware of them.
Know your Medicare rights and options. Know how SEPs work and whether they apply to your situation. And don’t underestimate the impact a late enrollment may have on your retirement plans.
To learn more,
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