Q:
Are you already receiving benefits from Social Security or Railroad Retirement Board or Disability Payments?
A:
If you are then you will automatically receive your red, white and blue Medicare card showing effective dates the first day of your birthday month. If you are under 65 and disabled receiving disability payments from Social Security, you will automatically receive your red, white and blue Medicare card after 24 months. Otherwise, you may have to sign up 3 months before you turn 65 through your local social security office or online at ssa.gov.
Q:
Do you or your spouse have a creditable coverage through your Employer’s Group Insurance?
A:
If your answer is Yes, then you can delay to receive Part B even if you turn 65 if you are still covered through yours or spouse’s current Employer’s Group Insurance.
Q:
What happens if you are planning on moving, lost a job, or low in financial resources?
A:
There is a Special Enrollment Period that you can sign up or change your coverage at certain times of the year if you have a Qualifying Life Event. You may be able to get extra help with your Medicare costs if you meet the low income level.
Q:
Did you know about Late Enrollment Penalty?
A:
If you didn’t sign up for Medicare Part A, Part B, and Part D when you’re first eligible, you may have to pay a penalty:
- In most cases, someone turning 65 is eligible to sign up for a Premium Free Part A. But if you have to buy Part A and you didn’t buy it when you’re first eligible for Medicare, you may have to pay a late enrollment penalty and your monthly premium may go up 10%..
- Your Part B monthly premium may go up 10% if you could’ve had Part B but did not sign up and you will pay the penalty for as long as you have Part B. If you didn’t sign up during initial enrollment period, you can only sign up for Part B during the general enrollment period and this could cause a gap in your coverage.
- You may have to pay a late enrollment penalty for Part D if you go without prescription drug plan or creditable drug coverage for more than 63 continuous days. The penalty is 1% of the national base premium ($32.74 in 2020; $33.06 in 2021) and this premium may change each year so your monthly penalty premium may also change each year.
Q:
What happens if you enroll on your birthday or after?
A:
If you wait until the month you turn 65 (or the 3 months after you turn 65) to enroll, your Part B coverage will be delayed. This could cause a gap in your coverage and you might have to pay a higher premium for late enrollment.