As you get closer to 65, you are probably getting plenty of information about Medicare. Some people enroll in Medicare automatically, but does that mean you should also sign up as soon as you are eligible? Below, this Medicare supplement broker in Westville, Indiana is going to explain when delaying enrollment in Medicare could be the right option for some individuals.

To clarify — while you may hear a lot about delaying Medicare, it is not something you would generally do with Medicare Part A. But there are some situations where waiting on Part B could save you some money, which we will explore below.

Why might you choose to wait on part B?

To understand why some individuals delay signing up for Medicare Part B, it helps to break it down. Medicare Part A usually does not cost anything if you or your spouse have worked for more than ten years and paid the full FICA tax by payroll deduction. Since there is usually no cost, most people sign up for Part A without a second thought.

But Part B, which covers outpatient services like doctor visits and preventive care, does have a monthly premium attached ($174.70 for 2024). If you are still working and have good health insurance from your job, it might not make financial sense to pay for both that and Medicare Part B. So, by waiting on Part B, you can save yourself from that extra cost.

Delaying Part B can also be beneficial because it affects when you can enroll in a Medigap plan. If you have good employer coverage and hold off on Part B, your Medigap enrollment window will start when you do decide to sign up for Part B. This gives you some extra time to consider your options without rushing into decisions.

If you are in this situation, a Medicare Supplement broker in Westville, Indiana can help you figure out how delaying Part B impacts your Medigap options.

Don’t delay if you don’t have creditable coverage

One thing to know is that delaying Part B is not always a good move. If you don’t have “creditable” coverage from your job or another source, delaying Part B could actually cost you more. Medicare hits you with penalties if you miss your initial enrollment period without having that creditable coverage, and those penalties can mean higher premiums for life.

To avoid this, make sure any coverage you have meets Medicare’s standards for creditable coverage. If you are not sure, a Medicare Supplement broker in Westville, Indiana can help you figure out if your current insurance qualifies or if you should go ahead and sign up for Part B.

How to delay part B correctly if needed

If you have thought it over and decided to hold off on Part B, you will need to take some more steps to avoid being automatically enrolled. Usually, when people turn 65 and sign up for Social Security benefits, they get automatically enrolled in both Part A and Part B. But if you want to wait on Part B, you’ll have to opt out on your own.

This is not a very difficult thing to do. If you are delaying Medicare because of your employer’s coverage, you just need to fill out some forms to notify Medicare. Keep in mind, though, that when you do decide to sign up for Part B, you will need to show proof of your current health coverage to avoid penalties.

Getting through this process can be challenging, but you don’t have to handle everything by yourself. A trusted Medicare supplement broker in Westville, Indiana can guide you through these steps and make sure you find the right option for you.

When should you start your part B coverage?

If you don’t have employer coverage or other creditable coverage, you should enroll in Medicare Part B when you are first eligible. The penalties for delaying your enrollment without credible coverage are not worth the savings.

Getting the right coverage now also means you will not have gaps in your healthcare, which can be extremely stressful down the line. But if you do have creditable coverage through work or your spouse’s plan, you could consider waiting to sign up for Part B. When your employer’s coverage ends, you will get a special enrollment period to enroll in Part B without any penalties.

Again, this decision depends entirely on your individual situation, and it is not something you have to figure out alone. A Medicare supplement broker in Westville, Indiana can give you expert advice to ensure you don’t miss important deadlines or pay unnecessary penalties.

Looking for a Supplemental Medicare Agency in Westville, Indiana?

Are you ready to compare your Medigap options or need advice from a trusted Medicare Supplement broker in Westville, Indiana? If so, feel free to reach out to our team at Senior Care Insurance Services. We are here to guide you every step of the way to make sure you have the coverage you need to enjoy your retirement years stress-free. Contact SCIS today to schedule a free consultation.