Yes, but whether it makes sense to do so isn't always straightforward. If you have qualifying coverage through work, you may be able to delay enrolling in Medicare without incurring a late enrollment penalty. If you choose toenroll in Medicarewhile you're covered under an employer's plan, ...
Medicare Part D plans and Medicare Advantage plans are both voluntary programs and you are not required to join a plan. But you may be subject to alate-enrollment penaltyif you decide to join a prescription drug plan sometime after your initial enrollment period has ended. ...
Medicare Part D late enrollment penalty If you don’t enroll during the initial enrollment period and you don’t have “creditable prescription drug coverage,” you'll likely pay a late enrollment penalty. Creditable prescription drug coverage is coverage from your or a spouse’s employer or unio...
However, most people receive premium-free Part A. Missing initial enrollment will also result in a penalty that gives you higher Part B premiums. Learn more about how to apply for Medicare. Author Derek Silva Senior Editor & Personal Finance Expert Derek is a former senior editor and personal...
IRMAA stands forIncome Related Monthly Adjustment Amount. It’s a surcharge on Medicare’s base premium for parts B and D. The government uses information from the IRS to determine if you must pay more for Medicare as well as IRMAA surcharges and how much to take out of your Social Sec...
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Tip:If you don’t have health insurance from another source, sign up for Part B as soon as you can to avoid a late enrollment penalty. Further reading: Medicare Part A Enrollment: How to Enroll Medicare Part B Enrollment and Eligibility ...
Retirement planning revolves around a number of key milestones. You must be 59 1/2 in order to take withdrawals from an IRA or401(k) without a penalty. You must be 65 toapply for Medicare. And the earliest age toclaim Social Security retirement benefits is age 62. But you can also cho...
There’s an “Eligibility and Premium Calculator” page at the Medicare.gov website that walks you through the process. The calculator is just for estimating purposes, and they don’t keep your information. It’s just a tool, but a useful one that helps you plan. You Might Not Need to...
If you have questions about your Part B premium, call Social Security at 1-800-772-1213. TTY users can call 1-800-325-0778. If you pay a late enrollment penalty, these amounts may be higher. Medicare vs. Medicare Advantage Keep in mind that Medicare Advantage is essentially a network,...