All seniors know that currently they are eligible for free governmental healthcare coverage once they turn 65. Indeed, they look forward to it. The question however arises between Parts A-D and not only when to sign up for Part B but what it all means.
Especially in today’s economy, many seniors are still working despite being over 65 or Medicare eligible and in many of these cases, insurance is still offered from the company that employs them. However, not signing up for Part B in a timely fashion carries penalties of its own. Namely, for every year that you delay, the premium could ultimately cost 10% more. This causes the dilemma.
So, time for review
Part A covers costs incurred mainly by hospitalizations.
Part B aids in outpatient costs and comes with a price tag ranging from $100 to $500 per month for new enrollees depending on how elite and inclusive the coverage is.
Part D supplies coverage for drugs and a supplemental coverage for additional costs.
Here one must analyze not just working people, but those working for companies with 20 employees and more versus companies having less than 20 employees on their payroll.
A smaller company is not required to provide primary healthcare insurance to seniors on Medicare and despite promises to the contrary, many don’t as a way to contain healthcare costs. This being the case, it would be prudent to sign up for Part B regardless of assurances (unless it is in writing)
For those lucky workers that actually receive coverage, don’t ignore the fact that you only have 8 months to enroll in Part B once employment ends.
Time and Life are ticking down. The Government keeps count.