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Medicare Mistake #2:
Failing to Enroll in Part B on Time
Entering the world of Medicare can be somewhat of a journey through a maze, where a wrong turn can negatively impact your healthcare and finances. Among those mistakes is failing to enroll in Medicare Part B on time is a big one.
Part B coverage takes care of medically necessary services and preventative services. Therefore, not enrolling on time can trigger a series of consequences listed below.
Late Enrollment Penalties
If you fail to enroll in Medicare Part B during the initial enrollment period, you may face a financial penalty. A penalty could result in an increase in your Part B premium for every 12-month period that you did not enroll in Part B even though you were eligible.
Coverage Gaps
With all that Medicare Part B covers, not having it can mean paying out-of-pocket for medical services and supplies that are covered otherwise. This predicament could lead to extreme financial strain at a vulnerable time.
Limited Access to Care
Medicare Part B covers services like doctor visits, preventive care, outpatient procedures, and good medical equipment. Without the coverage, you may face hardships accessing these services crucial to your health.
Ineligibility for Other Coverage Options
Not enrolling in Part B can also negatively impact your eligibility for other Medicare plans like Medicare Advantage or Medigap. And that is due to those plans requiring the enrollee to hold both Part A and Part B coverage already.
Just a Reminder
If you or your spouse have active health coverage beyond age 65 from an employer with 20 or more workers, you can delay Part B enrollment without penalty until the job ends. Otherwise, you need to sign up during your seven-month initial enrollment period, which includes the month you turn 65, three months before, and three months after.
If the above explanation is confusing to you, don’t worry. Many retirees find it difficult to wade the new language and qualifications of being retired. It’s a different phase of your life that is new to you. That’s why we have licensed insurance agents ready to help you understand what benefits you qualify for, what to consider while choosing those benefits, and how to enroll for them.
Most people spend an average of 18 years in school. When you graduated and entered the workforce, it was a shock, and you had to learn a whole new set of rules. When you moved out on your own, there was another new set of rules. And if you got married, there was another whole set of rules. So, this is no different. Retiring doesn’t need to be frustrating. We can help you understand your options and get set up with your insurance and Medicare needs. Contact one of our licensed insurance agents to learn more.
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Article Updated on 5/3/2024.