Individuals who are Medicare eligible should be aware of lower savings and penalties in delaying the Part B Medicare enrolment.
Many individuals actually qualify for Part A Medicare that is premium-free covering the hospital insurance, but for that they must have 10 years of working credit or 40 quarters paid during that period as the Medicare taxes.
For such individuals, keeping Part A makes sense as the coverage is no extra cost. Conversely, the Part B features monthly premium that some people delay the Part B enrolment, especially if they already own some coverage. For instance, you may enroll in Part B Medicare later, if there is group coverage for health through your employer.
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Eventually, enrolling or delaying Part B Medicare depends on you and this also includes your health needs, coverage and costs.
Pros of enrollment of Medicare Part B delaying
- If there is other coverage, you can delay the enrollment of Part B and avoid paying that additional premium to get the benefit you do not use or need right now.
- If your spouse or you are working and already have health coverage offered by union group plan or by the employer, you may not need extra coverage.
- You need not pay any penalty for Part B Medicare enrollment, if your spouse or you have current employment offering cover.
- Sign for Part B anytime during Special Enrolment period when you qualify and are permitted to Part A or/and B enrollment in Medicare Supplement Plan outside the enrolment annual periods.
- Are you a service member in duty or if your spouse is an active duty member, you can comfortably delay the enrollment of Part B and sign for it without shelling out anything extra as late penalty by enrolling during SEP.
If you are an individual Medicare Supplement Plans eligible living overseas, you must consider the delaying of enrolment of Medicare Part B seriously, especially when the coverage of Medicare is limited outside the U.S. Actually, you are not Medicare covered if you travel or live outside the U.S. It means you cannot avail the benefits of Part B even if enrolled.
Additionally, if you return and wish to enroll in Part B after coming to the U.S, be prepared to pay hefty penalty for missing out the eligibility period. For people spending only a part overseas or even for people frequenting the U.S, must enroll in Part B Medicare to be safer and this should be done when eligible first and prevent paying later a large penalty.