Penalized for Not Signing Up for Medicare

[capnjim01]

I just turned 65 last October and I am still on my wife's medical insurance where she works. I will probably stay on there as long as I can because it is good coverage, since I didn't sign up for medicare will I be penalized when I do?

 

[goillini52]

I just turned 65 last October and I am still on my wife's medical insurance where she works. I will probably stay on there as long as I can because it is good coverage, since I didn't sign up for medicare will I be penalized when I do?

No........................

 

[DS4]

I just turned 65 last October and I am still on my wife's medical insurance where she works. I will probably stay on there as long as I can because it is good coverage, since I didn't sign up for medicare will I be penalized when I do?

You should have at least sign up for Medicare Part A as it is "premium free". Waive Part B until your wife retires.

 

[LostDollar]

Does your wife's company have more than 20 employees?

 

[lcms]

You can and should delay your Part B I assume you did accept the Part A. You have hopefully but
verify with the carrier that Medicare will consider it Credible coverage.

 

[LostDollar]

You can and should delay your Part B .

Not necessarily.

 

[TwoCents]

You can and should delay your Part B I assume you did accept the Part A. You have hopefully but
verify with the carrier that Medicare will consider it Credible coverage.

So you're not misunderstood since creditable coverage has different meanings, ask if the drug coverage the employer offers is creditable compared to Medicare. They likely sent you a notice with that information. If not and you've started Part A then the clock is ticking for you to pick up a Part D prescription drug plan.

If you're not aware, you have at least 2 penalties to be concerned with -- Part B and Part D.

 

[LostDollar]

So you're not misunderstood since creditable coverage has different meanings, ask if the drug coverage the employer offers is creditable compared to Medicare. They likely sent you a notice with that information. If not and you've started Part A then the clock is ticking for you to pick up a Part D prescription drug plan.

If you're not aware, you have at least 2 penalties to be concerned with -- Part B and Part D.

I don't think starting part A has anything to do with making the clock tick for a PDP. It's only turning 65 or loosing other credible coverage that was in place when you turned 65.

 

[TwoCents]

I don't think starting part A has anything to do with making the clock tick for a PDP. It's only turning 65 or loosing other credible coverage that was in place when you turned 65.

Better do your homework, buddy. A person actually has 3 parts of Medicare entitlement -- Part A, Part B, and Part D. Your Part D date is not printed on your Medicare ID, but you have one. Usually, it will be the same as your Part A esp. when starting Part A at 65. Tick tock, tick, tock, your Part D Initial Enrollment Period has started.

 

[DS4]

Yes, when you trigger Part A, the clock starts ticking, unless, you have "Credible" drug coverage.