Medicare is a federal health insurance program mainly created to provide health coverage to people aged 65 and older and those under 65 with specific disabilities or diseases. When you become eligible for Medicare, it is essential to research the coverage and costs of each Medicare plan, but it is probably even more crucial to ensure you sign up at the right time. This post will examine why every Medicare beneficiary should know the Medicare Enrollment Periods.
Avoid Late Medicare Penalty
You have probably heard that you should sign up for Medicare as soon as you become eligible for the coverage. This is good advice because delaying enrollment could cost you a lot in the form of penalties. You may even be required to pay some penalties for as long as you have Medicare, costing you a lot of money over time.
It is essential to understand the timing of your Medicare enrollment in Medicare Part B and Part D. These Medicare plans usually come with late enrollment penalties if you fail to apply when you first become eligible and don’t have creditable coverage or meet certain conditions. Note that many Medicare Advantage plans include drug coverage that meets your Medicare Part D prescription drug coverage. You must pay these penalties for the duration you are signed up for Medicare Part B and Part D.
Know When You Can Delay Enrolling in Medicare
You may be able to delay signing up for Medicare and postpone paying for Medicare if you have creditable coverage through a spouse’s employer or you are still going to work past 65 and have creditable employer coverage. In any of these situations, you may be allowed to delay enrolling in Medicare and won’t pay a late enrollment penalty.
Even if you are automatically enrolled in Medicare at 65, you can decide to drop it if you want to sign up for employer-based coverage. Whether you delay enrolling in Medicare or not, it is vital to ensure you are aware of a few potential obstacles. You may need to check with a health insurance expert to determine your options.
Get Help with Your Medicare Options
It is essential to take a moment to learn the critical Medicare enrollment periods to get all the benefits you deserve under the Medicare program. Miss a crucial enrollment period, and you could pay the consequences for as long as you have a Medicare plan.