Are you new to insurance and do you know the details of Part B Medicare to sign up the moment you become eligible? Yes, there is a need to sign up, else for Part B Medicare supplement plans, you will be charged late enrolment penalty.
Apart from this you also have to wait for the Part B coverage to enroll until the enrolment general period. However, you can escape the penalty charges, if you are qualified for SEP, the special enrolment period.
Medicare supplement plans, Part B covers physical therapy, outpatient test, procedures and also doctor expenses. For many, the Part B pays to get enrolled on eligibility, particularly when the months revolve around your 65th birthday. If you delay, there are chances that you may not get the required medical coverage on your need. Besides, enrolling late, means paying penalty all your life.
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Part B Late Enrollment Penalty, what is it?
The penalty for late enrolment is imposed for not signing up Part B on eligibility. Paying a penalty cannot be avoided if you get enrolled late and you have to pay every month until you have the Part B Medicare. Medicare supplement plans 2018 help pay deductibles and co-pays in Medicare.
The penalty works as this:
- In case on 30th November your IEP ends, you signed on 25th January, means you have got enrolled in the next enrolment open period. Here you did not delay a 12-month time go away and so you need not pay any sort of penalty.
- In case on 30 December, 2013 your IEP ends and you failed to take Part B until 31 March, 2017, means you have delayed for almost 3 and half years to get enrolled. It means it is accounted as 12-month full three periods and you will have to pay every month a penalty of 30 percent.
How to Avoid Penalty
As you turn 65, get enrolled in Part B, particularly in the (IEP) initial enrollment period. It begins before three months of the birth month and the time ends after three months of your birth month. It means if on 15th June, it is your birthday and you attain 65 years, you may get enrolled between 1st March and 30th September.
If the IEP period is skipped and you fail to enroll with Part B, you can sign during 1st January to 31st March that is the general enrolment period each year of Medicare supplement plans. On enrolling at this time, it is only from 1st July that you receive the coverage. It means you are without insurance for this period and god forbid you should not have any injury or sudden illness.