“I wish I had known about the Medicare Coach when I spent TWO HOURS on the phone with a guy who explained everything step-by-step and then signed me up for Medicare A & B along with my supplemental insurance.”
This is how Cindy started her email. I knew the rest wouldn’t be good…
“For 14 months, I thought I had Medicare coverage, but I didn’t. So to add insult to injury, I will now have to pay a 15–30% fine for Medicare Part B for the rest of my life.”
I hate reading emails like this because Cindy’s situation could have easily been avoided.
Unfortunately, Cindy didn’t enroll for Medicare on time and now has to pay a Medicare Part B penalty for the rest of her life.
Whoever Cindy spoke to didn’t give her the whole story or make sure she did what she was supposed to do.
She thought she was in good hands, and she wasn’t.
Cindy isn’t alone. We hear stories like this all time, and luckily some come to us before it’s too late.
I want to take the opportunity to make sure you understand what you need to do when you turn 65 so that you can avoid costly penalties like Cindy.
As most of you probably know by now, when you turn 64, you begin to get bombarded with Medicare ads in the mail, in emails, and phone call after phone call.
Most people will join Medicare when they turn 65.
However, that doesn’t apply to everyone.
Scenario 1: You can join Medicare before you turn 65 if you qualify under specific Social Security disability rules.
Scenario 2: You can delay joining Medicare after you turn 65 because you have creditable coverage.
People covered through an employer insurance plan that meets Medicare rules (including your spouse’s employer or retiree plan that meets Medicare rules) can likely delay joining Medicare as long as their current coverage is creditable my Medicare standards.
To avoid costly Medicare penalties, you need to decide when you want your Medicare to be effective. Then, consider your current coverage and those factors as well.
Be sure you research your best options because you could get bad advice like Cindy and pay more than you should.
