Updated: Mar 17
Leslie S. McMillan, Benefits Broker
Premiums, deductibles, copayments, and coinsurance. These are expected costs when it comes to any health insurance plan. Medicare is no different. What many people do not anticipate are the added fees that come with Medicare, especially when you sign up too late. Medicare Parts A, B, and D each has its own set of late penalties. If you do not enroll when you are FIRST eligible, you could have to pay penalty charges above the cost of the coverage for each month you were not enrolled! Here are some of the costly mistakes people make when signing up for Medicare.
PEOPLE ASSUME MEDICARE ENROLLMENT IS AUTOMATIC
There are two ways to become eligible for Medicare. The first is by having a qualifying disability, but the majority of Americans become eligible for Medicare when they turn 65 years old. If you are under age 65 and already receiving a Social Security check as of your 65thbirthday, whether it's for retirement or disability benefits, you will be automatically enrolled in Medicare Parts A and B. If you are NOT yet receiving Social Security benefits, you must enroll for Medicare Part A, Part B and Part C on your own during the eligibility window that you have when you turn 65. You can sign up three months before, the month of, and up to three months after your 65th birthday. When you include your birth month, this gives you a full seven months to sign up for the program. You must complete an application for Part B and submit it to Social Security. Three months prior to your 65thbirth you can sign up for Medicare by calling the Social Security Administration at 800-772-1213 or online or by bringing the Part B application to your local social security office. It is best to do it as early as possible, so your coverage begins as soon as you turn 65. If you don’t sign up during your Initial Enrollment Period, you may be on the hook for late penalties for Medicare Parts A, B, and D. The cost to you could range anywhere from hundreds to thousands of dollars over your lifetime.
Contact Leslie S. McMillan if you would like someone that can assist you in enrolling in and evaluating your Medicare Supplement, Medicare RX Plan and Medicare Advantage options. Leslie S McMillan is certified to sell Medicare in NC.
Leslie S McMillan is Marketplace Elite Circle of Champions Health Insurance Broker, Certified to sell Healthcare .gov Health plans, Medicare Plans such as Medicare Supplements, Medicare RX plans and Medicare Advantage Plans, Short Term Medical Health plans, Accident and Life Insurance. She is available by phone or email to answer your questions. She is always "Bringing Clarity to Confusion". Reach out to her today.