Turning 65? Avoid Paying a Medicare Penalty
When to Enroll in Medicare to Avoid Paying Penalties
If you’re turning 65 soon, you’ve hopefully started your personal Medicare journey. There’s a lot of information, and it can be confusing. A valuable service by Millennium Physician Group is our Millennium Medicare Connect program. It delivers access to programs, network, and doctors that give you the confidence to make the right Medicare choices and the tools to get the most out of your healthcare.
“If you don’t sign up for Medicare when you’re first eligible or pick up Part B within 60 days of retirement, you may incur a late enrollment penalty that will stay with you every year,” explains Valentina Ayala, a Medicare Advisor from HealthShare360.
If you’re turning 65 and no longer plan to work:
You should enroll in Medicare Part B to avoid paying a penalty for late enrollment. Part B is the medical insurance (or doctor coverage) you’re entitled to. It requires a monthly premium, and you have a limited time to sign up. If not, you could delay your coverage until the following year.
If you’re turning 65 and plan to continue working:
If you (or your spouse) are still working, Medicare works a little differently. It depends on how you currently get your health insurance and how many employees there are in your company. There are a lot of variables, so it’s recommended you talk to an unbiased, qualified expert in Medicare plans and options to determine how you get Medicare based on your situation.
If you’ve retired but are going back to work:
If you can get employer health coverage that’s considered acceptable as primary coverage, you are allowed to drop Medicare and re-enroll later without penalties, or you can use it as your secondary coverage.
“Every situation is unique, which is why I encourage [people] to talk to an insurance agent specializing in Medicare about your plan options to help you enroll in the plan that’s best suited for your individual needs,” says Ayala.
Millennium physicians lead the country in the quality of care they deliver to Medicare patients. To find out more about your Medicare options, including connecting with our Medicare Advisors, visit YourMedicareConnect.com.
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