Learn all about Medicare late enrollment penalties and how to avoid them. We'll cover crucial deadlines, penalties for missing them, and offer tips for timely enrollment. Don't get caught off guard – watch now to navigate enrollment and avoid costly penalties. Subscribe for more Medicare info.
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Late enrollment penalties can significantly impact your Medicare costs, but there are steps that you can take to prevent them. And it's crucial to sign up for Medicare coverage during your Initial Enrollment period, unless you have creditable coverage from an employer. We have a video that explains more about this that we will link in the description. Now, your Initial Enrollment period starts three months before you turn 65. Last through the month of your 65th birthday and ends three months after your 65th birthday. This gives you a seven month window to sign up by enrolling on time. You can avoid the Part A, Part B, and Part D late enrollment penalties. The big thing to know about late enrollment penalties are that they are added to your monthly premium, they are not a one time late fee and they go up, the longer that you wait to sign up. Some people have to buy Part A because they don't qualify for the premium free Part A. If you have to buy it and don't enroll when you're first eligible, your monthly premium may increase by 10%. It's important to note that with a Part A penalty, you'll have to pay the penalty for twice the number of years that you didn't sign up. So make sure to enroll during your Initial Enrollment period to avoid this penalty. Now for Part B if you don't sign up when first eligible, your premium may increase by 10% for each year you could have enrolled, but didn't. The Part B penalty doesn't ever go away, but some beneficiaries can delay enrollment without facing it because they have creditable coverage through their employer or their spouses employer. You can also appeal the decision. Enrolling during the Initial Enrollment period or qualifying for a Special Enrollment period can help you avoid this penalty. Lastly let's discuss the Part D late enrollment penalty. The Medicare Part D penalty amount depends on how long you went without drug coverage. When you were eligible for Medicare for each month you didn't have coverage. You'll pay an extra 1% of the current national average premium for Part D. This is a lifetime penalty that stays with you for as long as you have Medicare drug coverage, and is added to your plans monthly fee. Keep in mind, since the Medicare Part D penalty is always based on the current year's national base premium, it is subject to change or increase each year. So ultimately, enrolling in Medicare coverage on time and maintaining creditable coverage is the key to avoiding late enrollment penalties and lowering your out-of-pocket costs. Thank you so much for watching. We hope that you found this video helpful and that you don't incur any late enrollment penalties now. We'll see you in the next one. Bye.