I would like your assist about enrolling in Half B or delaying it. I’m self-employed with no workers, turning 65 with a person Blue Cross/Blue Protect well being plan that covers me and my spouse. I’ve been advised by mates that since I’m nonetheless working, paying taxes and have medical 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 below his spouse’s employers group medical insurance. I don’t need to make an enormous mistake. Please clarify the distinction in my scenario and my buddy’s. Thanks, Invoice from Tulsa, OK
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 because of not enrolling in Half B on the proper time, however a 20% penalty (two 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 at the moment have a person medical insurance plan not “true group” medical insurance, I’d advocate that you simply enroll in Half B throughout your “Preliminary Enrollment Interval.” Many consider that Medicare is computerized; that is solely true if you’re receiving your Social Safety test while you flip 65.
Not working full time with true firm advantages is what Medicare appears to be like for to maintain from supplying you with the ten% per 12 months or 12-month interval Half B penalty.
In case you are not receiving your Social Safety test and need your Medicare to start the primary day of the month you flip 65, you possibly can join Medicare anytime throughout the three months earlier than your 65th birthday. Go surfing to www.socialsecurity.gov/advantages/medicare to use for Medicare Components A and B.
Your corporation affiliate who is roofed below his working partner’s “true employer” group well being advantages can delay enrolling in Medicare. He should observe Medicare’s enrollment guidelines as Social Safety deems.
“Nonetheless working” are magic phrases in the case of enrolling previous 65 and shedding your or your partner’s firm advantages. The Medicare and You Handbook discusses below 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 throughout the eight-month interval that begins the month after the employment ends or the protection ends, whichever occurs first”.
Regardless that the Medicare & You handbook states that there’s an eight-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 Components A and B start the primary day that your or your partner’s employer group well being plan is ending, to make certain there’s medical protection when a healthcare want happens.
The 2021 Confused about Medicare and LTC Zoom webinar is at 4 p.m. Thursday, June 24. Go to www.tonisays.com to join Toni’s new webinar occasion. Toni King, Medicare writer/advocate, is giving a $5 low cost to the Toni Says® readers on the brand new 2021Medicare Survival Information® Superior e-book at www.tonisays.com. Have a Medicare query? Name 832-519-8664 or e mail [email protected]