Standard Eligibility for coverage starts at age 65. Three months before you turn 65, Medicare will mail you your red, white, and blue Medicare card along with instructions to enroll.
Once you enroll in Social Security, it is mandatory to enroll in Medicare Part A (hospital insurance). If you or your spouse has worked for ten years (40 quarters) and paid Medicare taxes, you are automatically eligible for premium-free Part A coverage.
Initial Enrollment
You must enroll in Medicare within a 7-month Initial Enrollment Period surrounding the month you turn 65. Enrollment extends three months before and three months after the month of your 65th birthday.
Special Enrollment
Those who are still getting health coverage through a group health plan with their employer (or their spouse’s employer) can use a Special Enrollment Period. The Special Enrollment Period lasts eight months and begins the month after employment or coverage ends.
Late Enrollment Penalties
If you fail to enroll during your Initial Enrollment Period and do not qualify for a Special Enrollment Period, you can sign up during the General Enrollment Period from January 1 to March 31 of each year. However, you will have to pay a late enrollment penalty.
Medicare Part A
If you have to buy Part A, the late enrollment penalty will add 10% to your monthly premium. The higher premium will last for twice the number of years that you failed to enroll.
Medicare Part B
If you have to buy Part B, the late enrollment penalty adds 10% of the standard premium rate for each 12-month period you went without signing up. This lasts as long as you hold Part B coverage. The standard premium rate is $144.60.
Medicare Part D
If you do not buy Part D when you become eligible to enroll, you may have to pay a late enrollment fee. While you have creditable coverage, you do not have to have Part D. If you are without creditable coverage for 63 or more days before you enroll in Part D, you may have to pay a late enrollment fee.
If you choose not to enroll in Medicare Advantage Plans (Part C) or Medicare Part D, you will not have to pay a late penalty toward Part D coverage.
For all of your Medicare questions, speak with Fidelis Insurance today! We work for you, not the insurance companies.
