Medicare is a program designed for elderly citizens and people with disabilities. Many American citizens who are eligible to receive Medicare are automatically enrolled in the basic coverage of the program -- Part A and Part B -- when they reach 65 years of age. However, some citizens qualify to receive benefits before they are 65. Citizens who need to sign up for Medicare are those who were not automatically enrolled.
Medicare Part A and Part B
If you do not qualify for early Medicare coverage but you have paid your Medicare tax, you are eligible to receive Medicare benefits when you turn 65. At this point, if you are already receiving any Social Security benefits such as retirement, you do not need to sign up for Part A and Part B since in this case you are automatically enrolled in the program. If you are still working and you do not receive Social Security benefits, you can sign up for Medicare starting from three months prior to your 65th birthday. However, if you sign up later than three months after your birth month, you might have to pay a late penalty.
Medicare Part C
You can sign up for Part C whenever it is convenient for you to do so. The decision depends on your needs and desires. When you become eligible for Medicare, you must build your Medicare coverage. If you know that you will lack medical coverage that you need, then it is best for you to enroll in Part C at 65 years of age. However, you might complement your Part A and Part B coverage with Part D and Medigap, and if this is the case, you do not need to sign up for Part C. If you decide later on to sign up for Part C, you can do so. The usual date for enrollment in Part C is between November 15th and December 31st.
Medicare Part D
If you do not have any accredited prescription drug coverage when you become eligible for Medicare, this is the right time for you to sign up for Medicare Part D. If you do not enroll at 65 years of age and you do not have any other insurance that provides prescription drug coverage, if you enroll later you will have to pay a late penalty. However, if you add a Part C plan that has prescription drug coverage or if your group insurance also provides this coverage, you do not need to sign up for Part D yet. If this is the case, you should sign up for Part D up to eight months after your other coverage ends. If you do not do it by this period, you will be required to pay a late penalty.
Paying Late Penalties
Signing up for Medicare at the right moment is very important because, if you do otherwise, your monthly premiums will increase due to the late penalty. The late penalty is generally a percentage of your monthly premiums that adds to what you must pay every month. Always be aware of the coverage you have and the period of time for which you have it so that when you do sign up for Medicare you are not charged the late penalty.
Tags: late penalty, sign Part, Medicare Part, need sign, Part Part, sign Medicare, automatically enrolled
