Rob Bauer Insurance

Hello

I am often asked about the penalties imposed for individuals who do not sign up for Medicare Part B within their eligibility period. As a reminder, there are two enrollment periods to be aware of:

Initial Enrollment Period (IEP): This time extends three months before and after your month of birth.
Special Enrollment Period (SEP): You can make changes to your Medicare Advantage and Medicare drug coverage when certain events happen in your life, like if you move or you lose other coverage.
If you miss either deadline, you will be faced with the following penalties:

Potential coverage gap – Enrollment may only be available to you between January 1 and March 31 with coverage available the first day of the month after you sign up.
Late penalties – For each 12-month period you go without Medicare Part B coverage, you will have a 10% penalty applied to every Part B premium payment for as long as you are enrolled.
As you can see, the consequences of not signing up in time are significant. Not only might you be without coverage for a length of time, but your pocketbook could also suffer. For example, if you wait four years after eligibility after your IEP or SEP, every payment will carry a 40% penalty.

To make sure you avoid costly Medicare penalties, contact my office today. I’m here to help!

Best regards,

Rob Bauer

503-890-2400

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Knowing when to apply for Medicare is important to avoid a gap in coverage or paying a penalty. Fortunately, if you are already receiving Social Security benefits, you will automatically be enrolled in Medicare Part A (hospital insurance) and Part B (medical insurance).

If you are not receiving Social Security benefits, the best time to enroll will depend on your personal situation.

Initial Enrollment Period (IEP) – This period extends three months before and after your birth month. In general, to avoid coverage delays and penalties, you must sign up for Medicare during this time frame if you are not enrolled in an employer-sponsored health insurance plan as an active employee or spouse of an active employee.

Special Enrollment Period (SEP) – If you have health insurance extending beyond the IEP from an employer or spousal plan, you can delay enrolling in Part B for up to eight months after your health insurance plan ends (note, IEP rules trump SEP rules).

The rules for Medicare can be overwhelming. Don’t worry - I’m here to help! If you have questions, contact my office via our website or at 503-890-2400 anytime for help with your enrollment.

Turning 65 and you're lost trying to figure out what else you need as a health plan that goes along with Medicare.

Call Bob and he will guide you through the process as he has for hundreds of others.