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In this video, we’re going to talk about enrollment into your Medicare Part B – if you decide to continue to work after age 65. This is important as there several different dates that are crucial to you enrolling in Part B without incurring penalties. I recently talked to a lady that is paying over $200 per month extra for her Part B coverage due to these sanctions!
If you’re 65 or older and covered under a group health plan, you may have a “special enrollment period” in which to sign up for Part B. This can be either you or your spouse’s current employment coverage. You may delay enrolling in Part B without having to wait for a general enrollment period and paying the penalty for late registration.
There are limits, so we advise you to contact either us or Medicare for more information. Medicare’s phone number is 1-800-633-4227.
The rules allow you to:
• Enroll in Part B any time while you have a group health plan based on your current employment; or
• Enroll in Part B during the eight-month period that begins the month after your employment ends or your group health coverage ends, whichever happens first.
Have some questions? To learn more about Original Medicare, your Medicare supplement, dental and prescription drug plans – call us today at 1-800-825-2919. Or – email to [email protected].
You can’t enroll using a special enrollment period if your employer group health coverage ends during your initial enrollment period. As you may recall your initial enrollment period is the 3 months before, the month of, and the 3 months following your 65th birthday.
If you enroll in Part B while you’re still in your group health plan, or during the first full month when you are no longer in the program, your coverage begins either:
• On the first day of the month you enroll; or
• By your choice, on the first day of any of the following three months.
If you enroll during any of the remaining seven months of the “special enrollment period,” your Part B coverage begins on the first day of the following month. If you don’t enroll by the end of the eight-month period, you’ll have to wait until the next general enrollment period, which runs from January 1st to March 31st of the next year.
You should also know your coverage will begin on July 1st of that same year. You may also have to pay a late enrollment penalty for as long as you have Part B coverage.
What can you do now? Give us a call! As a qualified broker, we specialize in Original Medicare and helping you with your Medicare supplement, dental, and drug plans. We have both the professional knowledge, experience, and follow-up to help you find the right options.
Call us today at 1-800-825-2919. Or, send us an email to [email protected].
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