Avoid Part B Penalties With These Tips
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Simply put, yes there is. If you postpone your Part B enrollment, you will likely incur a late enrollment penalty. That penalty will remain with you for as long as you are enrolled in Part B coverage.
The penalty is given according to how long you waited to enroll in Part B. For each 12-month period you postpone enrollment when you become eligible, you will incur a 10% penalty on the standard Part B premium.
Medicare.gov says, “your Initial Enrollment Period ended December 2016. You waited to sign up for Part B until March 2019 during the General Enrollment Period. Your coverage starts July 1, 2019. Your Part B premium penalty is 20% of the standard premium, and you’ll have to pay this penalty for as long as you have Part B. (Even though you weren’t covered a total of 27 months, this included only 2 full 12-month periods.)”
The percentage penalty that is assessed at the time of enrollment remains in effect for as long as you have Part B coverage. So, if your penalty is 20%, consider that markup as a part of your budget above and beyond the typical premium rates for Medicare Part B for each additional month thereafter.
Medicare Part B covers outpatient hospital services, physician services, outpatient hospital services, durable medical equipment, certain home health services, durable medical equipment, and other particular medical and health services that are not covered by Medicare Part A.
You can sign up for Medicare Parts A and B over a 7-month window which is known as the Initial Enrollment Period (IEP):
If you are receiving social security benefits before you turn 65 or a Medicare beneficiary due to a disability, you are usually automatically enrolled in Original Medicare (Parts A and B) as soon as you are deemed eligible.
If you were not automatically enrolled in Part B coverage and your IEP is up, your Medicare Part B penalty could potentially be waived if you meet any of the following conditions:
If you are not yet enrolled in Original Medicare, need help with additional Medicare coverage, or have questions on any Medicare penalties, our team can help.
RELATED: 5 Ways to Avoid the Part D Penalty
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