Is it Worth to Delay Enrollment in a Medicare Policy?

Majority of the people in the United States become automatically eligible for Part A & Part B Medicare at the age of 65, however, should you consider delaying your enrollment in Medicare? Although there can be certain situations where a person might want to delay their enrollment in Medicare Part A or B. Under some specific circumstances, it might help you save a good amount of cash on Part B installments.


In case you delay Part B enrollment but are unable to qualify for specific circumstances for your delay, you might actually receive a lifetime penalty! Thus, delaying enrollment especially when it comes to Medicare Part B depends upon your particular situation.


Why Delay Medicare Part B?


Although Part A normally doesn’t include monthly fees, Part B almost does most times.  You could save yourself from paying these fees by delaying your Part B enrollment till the end of your retiree health coverage. Medicare Part B would most likely be redundant for those having credible insurance coverage thru work.


Also, there is a secondary advantage to delaying Medicare Part B. If people having qualifying insurance thru work decide to delay their enrollment in Medicare Part B, their period for initial enrollment for Medicare Advantage & 2019 AARP Medicare Supplement Plan will start when they enroll in Medicare Part B. The 4-6 month window for seniors who register for Medicare Part B when they’re initially eligible will depend on the effective date of Part B.


To conclude,


1) You are able to save some cash on a monthly basis,

2) You become eligible for enrollment at a later date by delaying Medicare Part B.


NOTE: Avoid any delays in your Part B in case you don’t have credible work coverage through your company.  Medicare tends to penalize people who overlook this deadline & don’t have work insurance coverage.


Automatically Enrollment is not obligatory when it comes to Medicare:


The fact is, anybody can opt-out of automatic enrollment in Medicare by not participating in Social Security once they reach the age of 65.


Even if you end up enrolling in Social Security, it is still possible to opt-out of Part B, however, it will need action from your side.


To sum up, enrollment in a Medicare policy right after you become eligible might or might not be a suitable choice for you. Ensure that you familiarize yourself with the coverage you have at the moment, analyze your costs to determine which plan might suit you the best.