07 Oct Medicare Enrollment – When Can I Sign Up for Medicare?
Medicare Enrollment – When Can I Sign Up for Medicare?
Established in 1965, the Centers for Medicare and Medicaid Services (CMS) are a federal agency within the United States, designed to administer the Medicare program. Medicare is a health insurance program made available through the federal government for American citizens aged 65 or older, particular youngsters with disabilities and people with permanent kidney failure (End-Stage Renal Disease).
All American citizens must know when to sign up for Medicare. Failure to sign-up can be very costly as most people over age 65 will have a 70% or higher chance of needing medical care or long-term services as their age progresses. Further, if you don’t take the time to enroll, penalties will apply for not signing up. This might mean financial penalties, delayed coverage, or a loss of Social Security benefits.
Avoid Penalties – Know When to Sign Up for Medicare
The best time to sign up for Medicare is during the initial Medicare open enrollment period. In most cases, you will be eligible for Medicare Part A (hospital insurance) and Part B (medical insurance). The enrollment period begins three months after your 65th birthday and ends three months after you turn 65. So, if you aren’t already collecting benefits provided by Social Security before your Medicare enrollment period begins, it is essential to sign up for Medicare online or to contact the Social Security office.
If you wait longer than three months after you turn 65, you will be subject to a late enrollment penalty. Waiting on Part B coverage can result in a monthly premium increase of up to 10% for every 12 months that you could have had Part B coverage. And in most cases, you will be subject to this penalty each time you pay your premiums for as long as you have Part B. The longer you wait, the higher your penalty might be.
For those who miss their Medicare enrollment window, it is possible to sign up during the general Medicare enrollment period, which is January 1 through March 31 of each year. If you sign up within this window, your coverage will start on July 1.
You may also have the option to sign up during the special enrollment period if special circumstances exist. Those special circumstances include things like moving and changing addresses or losing other insurance coverage.
If you have questions regarding Medicare coverage and your eligibility, no need to search for “Medicare insurance agent near me”. If you are reading this, you have already found one! At Laura Hibbits Insurance we are here to advocate for you and make sure you have the coverage you need.