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This past July, my husband turned 65 and was told he had to…

This past July, my husband...
This past July, my husband turned 65 and was told he had to apply for Medicare Part A,B and prescription drug coverage. We were both on Obamacare through Optima and we had a great plan with a subsidy. Signing him up for Medicare was a giant hassle, we have had to pay more and most of the prescriptions he is on are not on the Medicare formulary.Now, I will be turning 65 in January and our agent wants me to start the Medicare process now. I am happy with my current Obamacare plan. It is great. I am told if you don't sign up for Medicare you get tagged with a penalty whenever you do decide to sign up, but no one can tell me even an approximate amount this penalty would be. So, I would like advice as to if I have to sign up for Medicare when I turn 65? If I don't what will happen? I am not currently collecting Social Security and will probably wait a few more years to do so. Thanks for your advice! Susan
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Answered in 21 minutes by:
10/12/2017
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 33,123
Experience: Taxes, Immigration, Labor Relations
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Sorry for your situation...

That is correct - if you do not sign for Medicate when you first become eligible - there will be so-called "late enrollment penalty" when you sign later in the form of higher premiums.

If you are eligible for premium-free Part A - there is no reason not to enroll - and there is no penalty.

Ask Your Own Social Security Question

Regular Part B premiums for most retirees is $134 (or higher depending on income).

The penalty amount could go up 10% for every 12-month period when you were eligible for Part B but didn't enroll. For example, if you waited for three years to sign up, your penalty could be 30% of the premium.

Another issue that you're over the age of 65, your health insurance options under the Affordable Care Act depend on whether or not you're covered by Medicare or another insurance plan.

If you're enrolled in a Marketplace plan before becoming eligible for Medicare, your plan cannot reduce or terminate your coverage unless you request it.

lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 33,123
Experience: Taxes, Immigration, Labor Relations
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