UNITED STATES—Howdy Toni: I want your assist about enrolling in Half B or delaying it. I’m self-employed with no staff, turning 65 with a person Blue Cross/Blue Protect well being plan that covers me and my spouse. I’ve been instructed by mates that since I’m nonetheless working, paying taxes and have medical health insurance that I don’t want Half B.
A enterprise affiliate, who can also be self-employed delayed his Half B as a result of he’s beneath his spouse’s employers group medical health insurance. I don’t wish to make a giant mistake. Please clarify the distinction in my state of affairs and my good friend’s. Thanks, Invoice from Tulsa, OK.
Howdy Invoice: Nice Medicare query Invoice…final week I consulted with an individual that can also be self-employed, however was given improper recommendation about delaying his Half B. His Medicare nightmare is now beginning…Medicare doesn’t acknowledge particular person plans like yours as “true firm” advantages with creditable prescription drug protection for delaying your Half B. Now this fellow who’s 66 will obtain not solely a ten % penalty for every year attributable to not enrolling in Half B on the proper time, however a 20 % penalty (2 years 65 and 66) every month for so long as he’s on Medicare or ought to I say the remainder of his life. The 20 % penalty goes up because the Half B premium modifications. Stinks doesn’t it!!
Invoice, because you presently have a person medical health insurance plan not “true group” medical health insurance, I might advocate that you simply enroll in Half B throughout your “Preliminary Enrollment Interval.” Many imagine that Medicare is automated, that is solely true if you’re receiving your Social Safety verify whenever you flip 65.
Not working full time with true firm advantages is what Medicare appears for to maintain from supplying you with the ten % per yr or 12-month interval Half B penalty.
In case you are not receiving your Social Safety verify and wish your Medicare to start the first day of the month you flip 65, you possibly can join Medicare anytime in the course of the 3 months earlier than your sixty fifth birthday. Log on to www.socialsecurity.gov/advantages/medicare to use for Medicare Elements A and B.
Your small business affiliate who is roofed beneath his working partner’s “true employer” group well being advantages can delay enrolling in Medicare. He should comply with Medicare’s enrollment guidelines as Social Safety deems.
“Nonetheless working” are magic phrases in terms of enrolling previous 65 and dropping your or your partner’s firm advantages. The Medicare and You Handbook discusses beneath the subtitle of “Ought to I enroll in Half B” about delaying Medicare Half B if you find yourself leaving your or your partner’s group advantages and “which you could join Half B anytime in the course of the 8-month interval that begins the month after the employment ends or the protection ends, whichever occurs first.”
Though the Medicare & You handbook states that there’s an 8-month interval that one can enroll with out receiving a Medicare Half B penalty, the handbook doesn’t make clear that those that delay is not going to have any of the advantages that Medicare Half B covers.
Throughout a Toni Says Medicare session, we advocate that your and/or your partner’s Medicare Elements A and B start the primary day that your or your partner’s employer group well being plan is ending, to make sure there’s medical protection when a healthcare want happens.
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Toni King, Medicare creator/advocate is giving a $5 low cost to the Toni Says® readers on the brand new 2021Medicare Survival Information® Superior guide at www.tonisays.com. Have a Medicare query? Name 832/519-8664 or electronic mail [email protected]