Nativagating the Medicare Maze: Simple Tips and 25 Most Commonly Asked Questions
How to avoid the costly late-enrollment penalties?
Medicare has four parts, but not all of them have late enrollment penalties.
There are late enrollment penalties for Medicare Part A, Part B, and Part D if a person fails to enroll for Medicare during their Initial Enrollment Period (IEP) and don’t qualify for a Special Enrollment Period (SEP). For example, if you have credible coverage from a current or former employer or union, the Department of Veterans Affairs, Indian Health Service, TRICARE, or individual health insurance coverage.
Part A late enrollment penalty
People who do not qualify for premium-free Part A and do not purchase it during their enrollment period will see a penalty of 10% of the monthly premium. Regardless of the length of time of delay, the penalty applies, and you will have to pay the higher premium for twice the number of years that you did not sign up. For example, if you were eligible for Part A for three years but did not sign up, you will have to pay the higher premium for six years.
If you do not qualify for premium-free Part A, you can purchase Part A. People who purchase Part A will pay a premium of either $274 or $499 each month in 2022 depending on how long they or their spouse worked and paid Medicare taxes.
If you have to pay a premium for Part A, you can delay Part A until you (or your spouse) stop working or lose that employer coverage. You will NOT pay a penalty for delaying Part A, as long as you enroll within 8 months of losing your coverage or stopping work (whichever happens first).
Most people get Part A free, but some have to pay a premium for this coverage. To be eligible for premium-free Part A, an individual must be entitled to receive Medicare based on his or her own earnings or those of a spouse, parent, or child.
Part B late enrollment penalty
People who do not qualify for premium-free Part B and do not purchase it during their enrollment period will see a penalty of 10% for each 12-month period you could have had Part B, but did not enroll.
This penalty will increase the longer you go without Part B coverage. In many cases, you have to pay the penalty every month for as long as you have Part B. For example, if the IEP ended November 2019, and you waited to sign up for Part B until April 2022, your Part B premium penalty would be 20% of the standard premium.
Part D late enrollment penalty
The cost of the Part D late enrollment penalty depends on how long you went without Part D or creditable prescription drug coverage. Creditable drug coverage includes drug coverage from a current or former employer or union, the Department of Veterans Affairs, Indian Health Service, TRICARE, or individual health insurance coverage. Going 63 days or more without any drug coverage means you will have to pay a penalty if you sign up for Medicare drug coverage at a later point.
The cost of the part D late enrollment penalty is calculated by multiplying 1% of the national base beneficiary premium times the number of full, uncovered months you did not have Part D coverage. The final amount is rounded to the nearest $.10 and added to your monthly premium.
The snowballing effect of these penalties for Part A, Part B, and Part D can really add up to a lot of money. Actually if you do not figure out a plan, it can consume an entire chunk of your Social security benefit payment.
Three ways to avoid the late enrollment penalties
Enroll in Medicare coverage when you are first eligible.
Enroll in Medicare coverage if you lose other creditable coverage.
Keep records showing when you had other creditable coverage, and tell your plan when they ask about it.
Navigating Medicare should not be feel like a maze but it can be a complicated and confusing process. The amount of anecdotal information concerning choices for Medicare coverage can be difficult to filter. I want to help you learn and understand the basic Medicare benefits from the federal government that you are entitled to and have earned as a worker here in the United States. Medicare is complex, and it can often feel overwhelming when you’re learning about Medicare and shopping around for coverage for the first time. Medicare faces a number of important issues and challenges, perhaps none greater than providing affordable, quality care to an aging population while keeping the program financially secure for future generations. My goal is always the same with everyone or when I am simply writing an article for publication. I want to provide helpful information about Medicare and protect you from unnecessary spending costs. Those already in Medicare or aging into Medicare should be treated with courtesy, dignity and respect at all times. Of course, I won’t be able to answer all the questions in one simple book with only 25 of the most commonly asked questions.
This book is meant to help you sift through some of the noise to get the information you need.
The best overall quick reference guide to understanding your Medicare options.
In this book, you will learn numerous need-to-know gems. Many people are unaware of the dangers that fall at their feet when they decide to retire. If you are not prepared, you can be penalized tremendously. It is shocking what may lay ahead after you have worked all these years paying your taxes as a good American citizen. Try not to be fooled or dismayed! As a licensed agent, I was absolutely shocked at what may lie ahead for our precious seniors. The snowballing effect of these penalties for Part A, Part B, and Part D can really add up to a lot of money. If you do not figure out a plan, it can consume an entire chunk of your social security benefit payment.
BONUS ADD-ON **** Hilarious Jokes for the Elderly
Telling jokes to friends is a great way to get a laugh if the joke is funny enough and reaches the right audience. I certainly hope these jokes tickle your funny bones because the experience of aging is universal.
(Click on title link to order)
Nativagating the Medicare Maze: Simple Tips and 25 Most Commonly Asked Questions
Audrey Childers is a published author, blogger, freelance journalist and an entrepreneur with over a decade of experience in research and editorial writing. She is also the creator and founder of the website the hypothyroidismchick.com. Where you can find great tips on everyday living with hypothyroidism. She enjoys raising her children and being a voice for optimal human health and wellness. She is the published author of : A survivors cookbook guide to kicking hypothyroidism booty, Reset your Thyroid, The Ultimate guide to healing hypothyroidism and A survivors cookbook guide to kicking hypothyroidism booty: the slow cooker way. You can find all these books on Amazon. This blog may be re-posted freely with proper attribution, author bio, and this copyright statement.
Thehypothyroidismchick.com is dedicated to covering health and science news that matters most to our generation. We cover a wide range of stories, but ultimately we are driven by two core values: first, to contribute to our readers’ understanding of what is a very complex and constantly changing field of information, and second, to keep in mind the ultimate “smell test” — we want our stories to be the kind of things you talk about at a bar with your friends. Thehypothyroidismchick.com determines coverage based on relevance, clinical significance, and editorial integrity. We give no priority to commercial considerations, and will always clearly distinguish between factual content, commentary, and opinions to avoid misleading readers with institutional propaganda. and speculation.
There is a war raging against humanity and our earth. We have been passively indoctrinated and so utterly pre-programmed that we do not ask the questions that need to ask. We have laid our trust completely in those in power or someone with a title behind their name. People conditioned blindly believing in things simply because enough people assured us it was true. Infectious diseases have been irradiated but chronic diseases are the new black plague of our modern time. This book is profoundly personal as it represents a mission brimming with meaning. As I reflect on extraordinary truths about our nation’s health history, current, and future, I also offer you wisdom, knowledge, and understanding. We must stop the atrocities if we want to become a healthier nation in the future. We must stop the atrocities if we want the human race to survive. I hope my voice and advocacy will continue to help lead the way and this book will make changes for current and future generations to come. No, I simply do not have all the answers but I have written plenty in this book to make you start questioning EVERYTHING.
What you are about to discover is terrifying.
A Women’s Holistic Holy Grail Handbook for Hypothyroidism and Hashimoto’s: How I healed my Hypothyroidism and Autoimmune Disorder with Personalized Nutrition
I hoped you’ve been enlightened and not frightened by my latest blog — A tale of recovery to save a woman who caught OCD, Hypothyroidism and an Autoimmune Disorder –
Please follow along with me on this journey of discovery as I share with you my brush of madness with exquisite clarity. Luckily, I was never a quick fix-it junkie where I said no to many suggestions from board certified or certifiable doctors because I felt it in my soul that it was merely a banaide being placed on my issues. The names of certain doctors have been changed because frankly, I don’t want to be sued for proven their lack in their field.
Hippocrates was right when he said: Let they food be thy medicine and thy medicine be thy food.
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