Here to Help You Avoid Late Enrollment Penalties

Today, let’s talk about how to avoid late enrollment penalties.

It’s important to sign up for Medicare coverage during your Initial Enrollment Period, unless you have other coverage that’s similar in value to Medicare (like from an employer). If you don’t, you may have to pay an extra amount, called a late enrollment penalty.

Here are some details about enrollment penalties:

• They are added to your monthly premium.

• They are not a one-time late fee.

• Usually, you are charged for as long as you have that type of coverage (for most people, that’s a lifetime penalty).

• They go up the longer you wait to sign up because they are based on how long you go without coverage.
  

Part A Late Enrollment Penalty:
The Part A penalty is different. Some people have to buy Part A because they don't qualify for premium-free Part A.

Do I qualify for premium-free Part A?
If you have to buy Part A, and you don't buy it when you're first eligible for Medicare, your monthly premium may go up 10%.
You'll have to pay the penalty for twice the number of years you didn't sign up.

Part B late enrollment penalty
Generally, you won’t have to pay a Part B penalty if you qualify for a Special Enrollment Period.
You’ll pay an extra 10% for each year you could have signed up for Part B, but didn’t.
You may also pay a higher premium depending on your income.

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The most important thing to remember is to know when you should sign up to avoid penalties. If you want to discuss your personal situation, I am here to guide you.
Medicare Dan