Avoiding Medicare late enrollment penalty is like making sure you’re not stuck in traffic on the George Sellar Bridge trying to pick up your kid at the mall—you want to plan so you don’t miss out (or have an upset kid!). The secret sauce is to sign up for Medicare on time, during your Initial Enrollment Period (IEP).
The Initial Enrollment Period is three months before your 65 Birthday, your Birth month, and then three months after your birthday. Seven months can seem like a long time but yes, we have encountered a fair number of people who have missed their IEP.
Suzie from Wenatchee Insurance is like your pocket navigator, guiding you to avoid any wrong turns. If you miss your IEP and don’t have other creditable coverage, you could face penalties when you enroll. The penalties do not go away and grow the longer you delay coverage.
Late Enrollment Penalty Example
For example, for Part B, the late enrollment penalty is an extra 10% added to your monthly premium for each full 12-month period you were eligible for but didn’t sign up.
But here’s the fun part—Suzie trained to understand the shortcuts. Maybe you have employer coverage or are covered under a spouse’s plan? In these cases, you might qualify for a Special Enrollment Period (SEP), which is like getting a personal police escort across the bridge to make it on time.
Suzie can also help you figure out if delaying Medicare makes sense for your situation. Just like knowing when you can grab a coffee and when you need to get going, having Suzie’s advice will ensure you’re on time and on budget. For some people, it makes sense to start their Medicare Part A Coverage while others may want to delay their Part B.
Suzie with Wenatchee Insurance has been helping people in Washington State navigate the twists and turns of Medicare for over a decade. If you have been a long-time resident, you may have encountered her when she was a Pharmacy Technician in Wenatchee. She has people who have set appointments years in advance to do the change from healthcare to Medicare.
Topics: health insurance, Medicare, Medicare Advantage, wenatchee insurance, Suzie, Chelan County, Okanogan, Grant County, Douglas County, 509, Leavenworth, Quincy, Cashmere, Entiat,
