Written by Bonnie Dobbs, Senior Health Benefits Consultant
Elder Care Roswell GA – HELP! I Missed Enrolling in Part B Medicare!
Sometimes we don’t know the rules. Sometimes life gets in the way, and we forget. Whatever the reason, Medicare does have rules.
How do I enroll in Part B?
If you missed the cutoff and didn’t enroll, now is the time. There are penalties for late enrollment. The penalty is an extra 10% of the monthly Part B premium for each year. The penalty for Part D is 1% of the average Part D plan for each month. During the months of January, February and March each year, you can enroll at ssa.gov. Register for an account if you don’t have one and request your Part B to begin. If you request in January, your Part B will begin February 1, if you request in February, Part B will begin in March and if you request in March, your Part B will begin in April. Miss that deadline and you must wait another year. Now is the time to stop incurring additional penalties.
Good news for those who are on Medicare Advantage plans!
The Open Enrollment Period is for those on Advantage plans only. Medicare Advantage plan enrollees
have a one-time opportunity from January 1 to March 31 to switch plans.
If you chose an Advantage plan you can take it for a “test drive”, which gives you the opportunity to make sure you made the correct decision. Maybe your Advantage plan is not meeting your current needs, or you’ve decided you made a poor choice. Maybe you decided to join a plan just because your friend told you, and now you realize that plan may have been good for them but it’s not good for you. The good news is you can change it during the OEP which is now.
Your options are changing from one Medicare Advantage to another Medicare Advantage or dropping
your Medicare Advantage and getting a Part D prescription drug plan. It is important if you decide to
drop your Advantage plan and get a drug plan that you can medically qualify for a Medicare Supplement. Otherwise, you will only have original Medicare, which leaves you owing the Part A deductible, Part B deductible and the 20% Medicare doesn’t cover. You must get a Medicare Supplement to help fill in those gaps. I always stress the importance of using a Medicare insurance broker. A broker can compare all plans available in your service area. If you’re not using a broker, you’re missing out on an opportunity to find the most comprehensive plan with the least out-of-pocket cost based on your needs.
Bonnie Dobbs is a highly sought-after author, panelist and speaker on Medicare, teaching thousands online, in print and in person! The Owner and Founder of Insurance and Other Red Tape, Bonnie is a broker contracted with multiple insurance carriers and has a team of agents licensed in Georgia and many other states. Their services are always free. www.insuranceandotherredtape.com
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