Avoiding Medicare Late Enrollment Penalties

If you are about to turn 65 years old and are eligible for Medicare, you will need to consider a few things. One being if you want to continue working and delay Medicare coverage. You should know that you could be penalized if you delay Part A, Part B and Part D. These late enrollment penalties can be easily avoided by enrolling upon eligibility and ensuring that you have credible coverage.

Part A Late Enrollment Penalty

If you don’t qualify for free premium, you will have to pay for it. You must have paid into Medicare for 40 quarters to receive this. If you delay Part A when you are first eligible for Medicare, you will see a 10% increase in your monthly premium, which is the late enrollment penalty. You will be required to pay the higher premium for twice the amount of years you did not enroll. Please note that if you have a limited income, your state possibly will assist in paying for Part A and/or Part B.

Part B Late Enrollment Penalty

If you delayed Part B upon eligibility, you would see a 10% increase on your premium for each 12-month period you could have had Part B but did not enroll. This penalty will increase the longer you go without Part B coverage.

Part D Late Enrollment Penalty

If for any continuous period of 63 days or more after your Initial Enrollment Period is over, you may owe a Late Enrollment Penalty if you are without one of these:

• Part D
• Part C or another health plan that offers Medicare prescription drug coverage
• Creditable prescription drug coverage

If you are confused on how to enroll in Medicare, we have a team of advisors ready to answer your questions. We want to lock arms with you every step of the way to ensure you are covered. All you have to do is call MWG Direct at (877) 759-5762 or email direct@morganwhite.com.