By Jackie Dover
I am one of those people who like to be early to an event. “If you are on time, you are late” my Grandma Grace used to say. I did not really understand that growing up but now I understand the need to do things a little early or on time.
The initial enrollment period for those aging into Medicare is 3 months before you turn 65, the month you turn 65 and 3 months after you turn 65, so 7 months total. If you are already drawing a Social Security check, you will automatically be enrolled in Medicare Part A and Part B and will receive your card about 3 months before you are eligible. If you need to sign up, you can sign up in several ways:
- Go to the Social Security website, ssa.gov and apply on-line.
- Call your local Social Security office or the national Social Security number 1-800-772-1213
- If you are a Railroad retiree, call the Railroad Retirement Board 1-877-772-5772
- Or call Aging Matters 1-800-392-8771
If you delay signing up for Medicare, there could be penalties. If you have worked 10 years in a job and paid Medicare taxes, you will not have a Medicare Part A premium, but if you worked less than 10 years you could have a premium for Medicare Part A. The premium amount is based on how many years you did work. For those who have to pay a Part A premium and do not sign up for Medicare when they are first eligible, they could have to pay a Late Enrollment Penalty. The penalty is 10% for twice the number of years you did not sign up. An example is if you went 2 years without signing up the penalty would last for 4 years.
The Medicare Part B penalty is 10% of the monthly premium for every year you did not sign up, and this penalty can last forever. If you are working and have coverage in an Employee Group Health Plan (or your spouse is working and their Employee Group Health Plan covers you) you can defer Medicare Part B with no penalty.
Medicare prescription drug plans known as Part D can also have a penalty if you choose not to enroll when you are first eligible. If you have creditable coverage then you can delay your enrollment without penalty. If you do not have creditable coverage, the penalty for Part D is 1% of the national base premium amount for every month you were eligible and did not enroll. Therefore, if you wait 3 years, the penalty would be 36% and you pay that every month.
Knowing when to enroll in Medicare or when it is best to defer enrollment can be complex and confusing, it is best to reach out to someone if you have questions or need guidance. Acting on time and being prepared for Medicare is the key so don’t be late for an important date. Get your Medicare done on time.
If you have questions please contact Aging Matters, 1-800-392-8771, because….Aging Matters.