Missing your Medicare Part B enrollment deadline could result in a costly penalty that may last for the rest of your life. The Medicare Part B late enrollment penalty generally increases your monthly Part B premium by 10% for each full 12-month period you were eligible but didn’t enroll, unless you qualify for an exception. Many people approaching age 65 don’t realize that delaying Medicare Part B without qualifying coverage can lead to higher premiums and gaps in healthcare coverage. Understanding when to enroll in Medicare Part B, how your employer health insurance affects your enrollment, and which Medicare enrollment periods apply to you can help prevent expensive mistakes. Explore our Medicare Basics and How to Sign Up for Medicare Part B resources to learn more about protecting your coverage.
Not everyone who delays Medicare Part B faces a penalty. Individuals with qualifying employer-sponsored group health coverage based on current employment may be eligible for a Medicare Part B Special Enrollment Period, allowing them to enroll later without a late enrollment penalty. However, COBRA and retiree health insurance generally do not qualify for this protection. Understanding the difference is essential before making enrollment decisions. At Shields & Associates, we help individuals understand Medicare enrollment rules, compare Medicare Supplement Insurance and Medicare Advantage Plans, and explore their coverage options. Don’t risk paying more for Medicare than necessary! Contact Shields & Associates today for a FREE Medicare consultation and get help understanding your enrollment options before it’s too late.