For over 50 years, the government-backed Medicare has helped people get the health care they need. It’s one of the cornerstones of American health care, helping fight health and financial risks. It’s a safety net that helps older Americans. Medicare is not just about insurance. It’s about giving millions of Americans access to the quality care they need to live well and feel better today. The program provides health insurance coverage for people age 65 and over, for those receiving Social Security Disability Insurance or SSI, or who need special help with bills because of a physical or mental disability.
Millions of Americans miss the chance to enroll in Medicare because they wait until it is too late. This is due to most people not knowing that there are specific time periods in which one can enroll for Medicare and other government health insurance programs. Also, there are several misconceptions, some of which could lead people to believe that they have to wait for months prior to getting help with paying their healthcare expenses. Here’s what to do if one misses the enrollment deadline.
Medicare Enrollment Can Be Delayed if One Is Still Employed
If one is covered by an employer or union health insurance plan that offers retiree coverage, they may be able to delay enrollment in Medicare Part B until the plan ends. Most employer plans offer coverage for retirees for at least two years and some as long as five years after retiring from a job. Once the employer’s coverage ends, it’s time to apply for Part B.
The General Enrollment Period
If one misses the deadline to enroll in Medicare, they may be able to apply during the annual General Enrollment Period. During this time, one can enroll in Parts A and B of Medicare (but not Part D). This period is usually between January 1 – March 31. The coverage will not begin until July 1 of the same year.
Those interested in a Medicare Advantage (Part C) plan or Medicare prescription drug (Part D) plan can enroll for coverage between April 1 and June 30 of the same year they enrolled in Parts A and B of Medicare. These plans provide extra benefits like prescription drug coverage and dental coverage.
Late Penalties
Enrolling in Medicare late, once one has missed the Initial Enrollment Period (IEP) period, may mean that they pay late enrollment penalties for Medicare Part A, Part B, and/or Part D. Enrolling late can also cause one to pay higher monthly premiums for Part B.
The late enrollment penalty does not apply to people with coverage (such as most employer group health plans and Medicare-approved private health insurance). Regardless of the circumstances, there is a wealth of information published by the federal government and Medicare carriers that explains different aspects of how late enrollment penalties are applied.
