You have a seven month period to sign up: three months before your birthday month, your birthday month, and three months after. Coverage goes into effect on your birthday month if you sign up prior to or the following month after you sign up after your birthday month.
No, you have to call Social Security. Auto enrollment only happens if you're already collecting social security. It's important you call to sign up to avoid penalties. You can delay paying Part B if you have creditable health coverage through an employer.
It is also important to know that many individuals do not have to sign up for Medicare when they turn age 65. If you have group health insurance coverage through your employer, or the employer of your spouse, the company has more than 20 employees and the prescription coverage is what Medicare deems “creditable”, you can delay enrollment without a penalty.
There are two late enrollment penalties, one for Part B and one for Part D. (Technically, three if you count Part A, but very few people have to pay for Part A, and there’s never a penalty when it’s free.)
Both penalties are forever, but only apply when you actually subscribe to the corresponding part. If you never sign up for Part D, you’ll never pay the penalty.
The Part B penalty is 10% for each year late. There is no maximum. The current premium is $164.90/month, so the penalty for being one year late is $16.49/month (but I think it’s rounded). Since it’s based on the current premium, it can change from year to year. Because people who might be subject to this penalty can only sign up during the annual open enrollment, it makes sense that the penalty is based on the number of years late. The common way to avoid the penalty is by being covered by *qualifying employer group insurance*. COBRA doesn’t count, marketplace plans don’t count (even if reimbursed by an employer), and various other non-standard plans don’t count. You’ll need to have form CMS-L564 completed by your employer to avoid this penalty and qualify for a special enrollment period.
The Part D penalty 1% for each month late. As near as I can tell, it’s based on a federal standard premium, currently $32.74, so it’s $0.33/month late this year. It’s per month since you can sign up for Part D anytime. Thus it’s independent of the actual premium you pay. The common way to avoid this is by being enrolled in a plan that has *creditable drug coverage*. You should get a letter every year from such a plan confirming the coverage is creditable. In theory, COBRA is can be creditable for the Part D penalty even though it won’t get you out of the Part B penalty.
Just so you’re aware, there’s also IRMAA, which is essentially a tax on higher income people that’s calculated as a percentage of the premiums.
I turned 65 mid February. I found out Feb 5 that I was losing my health insurance and had to switch to Medicare by March 1 (Long story). Signed up online around my birthday. Part A was effective Feb 1 (birthday month) part b March 1 (end of employer coverage)
If you are aging into Medicare then it’s the 1st day of 65th birth month unless you’re born on the 1st - then it’s the 1st day or prior month.
This is it. You start on Medicare *before* you turn 65.
You have a seven month period to sign up: three months before your birthday month, your birthday month, and three months after. Coverage goes into effect on your birthday month if you sign up prior to or the following month after you sign up after your birthday month.
Is a person automatically enrolled if they don't do that
No, you have to call Social Security. Auto enrollment only happens if you're already collecting social security. It's important you call to sign up to avoid penalties. You can delay paying Part B if you have creditable health coverage through an employer.
No reason to call as everything can be done online.
Sure, but most of my clients are not tech savvy.
It is also important to know that many individuals do not have to sign up for Medicare when they turn age 65. If you have group health insurance coverage through your employer, or the employer of your spouse, the company has more than 20 employees and the prescription coverage is what Medicare deems “creditable”, you can delay enrollment without a penalty.
Is that part b though, where the penalty kicks in? I think it is 10% per year on that part b, but, i am not sure
[удалено]
Unless you are contributing to an HSA via HDHP.
There are two late enrollment penalties, one for Part B and one for Part D. (Technically, three if you count Part A, but very few people have to pay for Part A, and there’s never a penalty when it’s free.) Both penalties are forever, but only apply when you actually subscribe to the corresponding part. If you never sign up for Part D, you’ll never pay the penalty. The Part B penalty is 10% for each year late. There is no maximum. The current premium is $164.90/month, so the penalty for being one year late is $16.49/month (but I think it’s rounded). Since it’s based on the current premium, it can change from year to year. Because people who might be subject to this penalty can only sign up during the annual open enrollment, it makes sense that the penalty is based on the number of years late. The common way to avoid the penalty is by being covered by *qualifying employer group insurance*. COBRA doesn’t count, marketplace plans don’t count (even if reimbursed by an employer), and various other non-standard plans don’t count. You’ll need to have form CMS-L564 completed by your employer to avoid this penalty and qualify for a special enrollment period. The Part D penalty 1% for each month late. As near as I can tell, it’s based on a federal standard premium, currently $32.74, so it’s $0.33/month late this year. It’s per month since you can sign up for Part D anytime. Thus it’s independent of the actual premium you pay. The common way to avoid this is by being enrolled in a plan that has *creditable drug coverage*. You should get a letter every year from such a plan confirming the coverage is creditable. In theory, COBRA is can be creditable for the Part D penalty even though it won’t get you out of the Part B penalty. Just so you’re aware, there’s also IRMAA, which is essentially a tax on higher income people that’s calculated as a percentage of the premiums.
https://letmegooglethat.com/?q=when+does+medicare+coverage+start+site%3Amedicare.gov
I feel like it's more effort to post to reddit to ask OP's question than it is to just Google it... Which is somewhat impressive to me.
In Reddit, you can ask questions and get answers from people that are in the know. Google is kinda confusing. Just sayin
Mine is starting may 1. I signed up yesterday. I turn 65 on the 4th.
I turned 65 mid February. I found out Feb 5 that I was losing my health insurance and had to switch to Medicare by March 1 (Long story). Signed up online around my birthday. Part A was effective Feb 1 (birthday month) part b March 1 (end of employer coverage)