by Marc Manor
Relative to most individual healthcare plans, many people find Medicare a significantly less expensive alternative with more coverage and lower deductibles. After all, if you have been employed throughout your life, you have been paying into the Medicare system and have earned the Medicare Benefit! If you have been employed for 10 years or more, it is likely your Medicare Part A will have no cost and your Medicare Part B will be only $135.50 per month* for most people (*Part B premiums are higher for higher income earners). Medicare costs can be found here:
https://www.medicare.gov/your-medicare-costs/medicare-costs-at-a-glance#collapse-4809
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| Courtesy of canva.com |
To take full advantage of the value of your Medicare benefits, it is best to avoid late enrollment penalties. There are late enrollment penalties for Medicare Part B and Part D and with so many low-cost options available, there are few reasons that would justify putting yourself in the Medicare “Penalty Box.” Sometimes people seem surprised and are frustrated by the penalties. They claim they just aren’t fair. I understand how someone must feel but Medicare justifies these penalties because they base their rates and calculate their risk based on eligible beneficiaries in the pool of enrollees. But you won’t care about why they penalize you for being late. So, let’s talk about the penalties and some ways you can stay within the rules and avoid them!
