Medicare Mistake #1:
Assuming You Don’t Qualify
Earning 40 Credits through employment and payroll taxes ensures that you will not have to pay premiums for Part A hospital services when you join Medicare.
You do not need any work credits to qualify for Part B (doctors’ services, outpatient care, medical equipment) and Part D (prescriptions), provided that you are 65 or older, and a U. S. Citizen or a legal resident living in the U.S. at least five years.
You may also qualify for Part A benefits on your spouse’s work record, or you can pay premiums for them.
If you wait to sign up, until you’ve earned 40 credits, you may end up paying permanent late penalties.
So, it’s a good practice to seek the advice of a licensed professional. A state licensed sales agent can guide you through the regulations and help you plan ahead, avoiding any pitfalls.
It’s a good idea to never assume anything. Sure, you’ve gained knowledge from your personal experiences, the experiences of others, and from the news. But, most of the time, these accounts are often specific and have circumstances involved that you may have not taken into consideration.
Each case, and each instance, is different for a variety of reasons:
- Laws and regulations change
- Qualifications may depend on multiple criteria
- Your financial situation changes
- Plans are added and removed over time
- Licensed sales agents may have different views on the same topic
It’s always a good idea to seek counsel. Reach out to us and we will get you the answers you need.