IIRC higher premiums and penalty rates.Let me ask a silly question: what happens if you DON'T file for Medicare until some months AFTER you are 65?
Do you get terminated early?
IIRC higher premiums and penalty rates.Let me ask a silly question: what happens if you DON'T file for Medicare until some months AFTER you are 65?
Do you get terminated early?
+1IIRC higher premiums and penalty rates.
The penalty is an increase of 10% to the standard premium for each full 12 month period you delay.If you don't keep Part B when you're first eligible, you may have to wait until the General Enrollment period (Jan 1-Mar 31 each year) to sign up and your coverage would start Jul 1 of that year. You may also have to pay a Part B late enrollment penalty.
I guess I'm fortunate that the Megacorp I retired from reminded me many times that I should sign up for Medicare in a timely manner.+1
Quoting from the "Welcome to Medicare" booklet I got this week...
The penalty is an increase of 10% to the standard premium for each full 12 month period you delay.
If you are willing to pay the 10% per year penalty on your Part B (Part A is covered by your contributions, and no foul if you file later), feel free to do so. Here's the detail:Let me ask a silly question: what happens if you DON'T file for Medicare until some months AFTER you are 65?
Do you get terminated early?
I don't know what the rule is, but I applied for both SS and Medicare just after my 68th birthday. No problem.Not an expert here but I believe you need to file for Medicare 3 months before your 65th b'day.
However, if you are covered by an employer or union group health plan through you or your spouse's current or active employment, you may qualify for a special enrollment period.
Let me ask a silly question: what happens if you DON'T file for Medicare until some months AFTER you are 65?
Do you get terminated early?
IIRC higher premiums and penalty rates.
+1
Quoting from the "Welcome to Medicare" booklet I got this week...
The penalty is an increase of 10% to the standard premium for each full 12 month period you delay.
One note for you or anyone else who starts taking SS retirement benefits prior to age 65 - no reminder to apply for Medicare is needed. You'll get a packet from the SS folks about 90 days prior to your 65th birthday. In the packet you'll learn you are automatically enrolled in Medicare Parts A & B, are now the proud owner of a Medicare ID Card, your Part B premium will be deducted from your SS check, and have to fill out and return a form if you want to decline coverage.Good to know. I've just set a reminder in Google Calendar for November 2019 so I don't forget
One note for you or anyone else who starts taking SS retirement benefits prior to age 65 - no reminder to apply for Medicare is needed. You'll get a packet from the SS folks about 90 days prior to your 65th birthday. In the packet you'll learn you are automatically enrolled in Medicare Parts A & B, are now the proud owner of a Medicare ID Card, your Part B premium will be deducted from your SS check, and have to fill out and return a form if you want to decline coverage.
Not sure what the process is if you aren't already getting benefits when you turn 65, so a reminder 90 days in advance of your b-day is probably a good idea.
Not sure what the process is if you aren't already getting benefits when you turn 65, so a reminder 90 days in advance of your b-day is probably a good idea.
That's easy, too. I just did it this year.
Applied for Medicare only (using the SS online application process is quick and easy), but not for benefits. I'm delaying the benefits in order to maximize the take.
They sent me a bill for the first quarter of Part B premiums, which I paid. At the same time, I signed up for their automatic payment scheme, where after the first quarter's premium was used up, they just take each month's premium from my checking account.