Medicare Late Penalties That Will Cost You

This article is part of an ongoing series of informative Medicare guest posts written by MedicareFAQ. I'd suggest reading this article closely before you decide to put off signing up for some parts of Medicare coverage so you don't end up with an unexpected - and costly - penalty. - Carol Medicare coverage choices can be confusing and there’s a ton of information, as well as misinformation, out there that add to the confusion. What many new beneficiaries do not realize is that there are penalties that can lighten your wallet if you elect not to take certain coverages. Not to mention, if you do not pick up certain parts right away, you’ll have to pay a late enrollment penalty the rest of your life. Additional Medicare Premium Costs There are times when a beneficiary could find themselves paying more money in premiums for their Medicare coverage.  This can come in the form of an IRMMA increase based on the amount of money the beneficiary makes, as well as penalties for not taking coverage when a beneficiary was first able to do so. Medicare Part A Penalty Most beneficiaries get Medicare Part A at no cost. This is because either the beneficiary or their spouse worked the required quarters to receive it at no cost. If you are in a situation in which you did not work the quarters and must pay for it, make sure you pick it up as soon as you are eligible in order to avoid the penalty The late enrollment penalty is 10% for twice as many years as you have delayed it. If a b...
Source: Minding Our Elders - Category: Geriatrics Authors: Source Type: blogs