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Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 12050
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
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I turned 65 Jan. 2, 2016, because I am still working and

Customer Question

I turned 65 Jan. 2, 2016, because I am still working and have an HRA with my employer, I did not sign up for Part A Medicare. Now I am being told I had to sign up for Part A or be penalized, is that true? I plan to retire in 2017 so should I sign up in Oct. or Nov. of this year since I will be 66 in January 2017?
Submitted: 10 months ago.
Category: Social Security
Expert:  Lane replied 10 months ago.

Yes, you should sign up ... There is no cost to part A.

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HRAs are considered to be Group Health Plans (GHPs) and thus HRA coverage is subject to Section 111 Medicare Secondary Payer (MSP) Reporting.

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So you could hhave had Medicare and the HRA together potentially to cover more of your costs, depending on your circumstance.

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If you aren't eligible for premium-free Part A, and you don't buy it when you're first eligible, your monthly premium may go up 10%. You'll have to pay the higher premium for twice the number of years you could have had Part A, but didn't sign up

Expert:  Lane replied 10 months ago.

Please let me know if you have any questions at all, before rating me

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If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit") ... Otherwise I receive no crediting for the work here.

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Thank you!

Lane

I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986