Are you turning 65, is it time to sign for Medicare supplement plans. There are Medicare parts, you may not need it instantly, such as Part B if you have employer-sponsored coverage and are still working. However, if you fail to identify your personal needs and also miss the Initial Enrollment period, you can pay penalties until you have Medicare.
With Medicare, for Part A and B, it deals with the initial enrolment period and it runs for seven months. The three months includes the period of three months prior to the 65th birthday month, the birthday month, and also the three months beyond the birthday month, accounting for 7 months.
Part Medicare refers to hospital insurance. It pays for medical care as you stay in a hospital as inpatient. The Part B Medicare helps in paying for medical care and doctor visits, while you are receiving the essential medical care as an outpatient.
In case you miss your Part B Medicare supplement plans enrolment and are not having an eligible reason to postpone the enrolment, you will have to pay 10% for the 12 month period that you are enrolled in Part B. For instance, if you failed to sign up for a period of 30 months for Part B that you are expected to have, you will have to pay a penalty of 20 percent. It means you will pay 10% for 12 months, if you have delayed. However, as long as you are enrolled with Part B, the penalty stays.
How to delay Part B Medicare enrollment without paying higher premiums?
You can delay with enrolment of Part B Medicare; thereby avoid paying higher premiums as penalty. If you have not enrolled in Part B Medicare during your eligibility period as you or your spouse had group coverage or were working, you may decide to sign for Part B Medicare later without any penalty for late enrolment. You may sign during a special enrolment period for Part B Medicare.
You may sign for Part B Medicare supplement plans at any time through active or current employment. You can also sign up during the special enrolment eight-month period that initiates when your union group coverage ends or even if you stop working. If you get retiree or cobra benefits, after you stop working, bear in mind, it does not count as current employment coverage. Thus ensure you do not wait for the benefits of COBRA to end to get Part B Medicare enrolled.