Do you wonder what happens if you do not enroll for Medicare Part B when you are first eligible? When you are first eligible for Medicare, you have an initial enrollment period of 7 months to sign up for Part A or B. In most cases, if you do not sign up for Part B when you are first qualified, you will have to pay a penalty for late enrollment.
Your monthly premium might shoot up by 10 percent for every year (12 months period) you could have had Medicare Part B but did not sign up. In most scenarios, you have no choice but to pay this penalty every time you pay up for your premiums, for the entire period you have Part B. It is also very important to keep in mind that the penalty goes up the longer you go with no Medicare Part B coverage.
Delaying Medicare Part B Enrollment with No Penalty
There are particular situations where you can postpone signing up for Part B without paying a late enrollment penalty.
If you did not sign up for Part B when you first qualified because your other half or yourself was working and had coverage via a union or an employer. In that case, you have the option to enroll for Medicare Part B during a SEP (Special Enrollment Period) without paying a penalty for late enrollment.
You can enroll for Part B at any particular time you have coverage via active or current employment. Alternatively, you can enroll for Medicare during the SEP ( lasts for eight months) that begins when your union or employer group coverage comes to an end or quit working. If you get retiree or COBRA advantages, this does not come under coverage based on existing employment. To that end, ensure that you do not keep on waiting until your COBRA privileges come to an end to sign up for Part B.
Avoiding Penalty: Enrolling for Medicare Part B
There are also a couple of other scenarios when you might be able to postpone signing up for Medicare Part B without paying any penalty. As a case in point, if you were overseas volunteering, or if you were residing out of the nation when you turned 65 years old and did not qualify for Social Security privileges, you might be eligible for a SEP when you come back to the USA. The Special Enrollment Period duration will be contingent on your situation. You can call Medicare if you are uncertain if you are eligible for a SEP.
Feel free to contact us if you want to learn more about signing up for Medicare Part B or have any queries regarding Medicare coverage and insurance.
