Medicare enrollment begins at age 65 for everyone. If you don’t enroll three months before or three months after your birthday, you’ll have to pay an extra 10% on your premium every year you delay, and these costs add up quickly. For each year you wait, another 10% is added to your premium, with very few options for avoiding this penalty.
If you’re still working and your employer provides health insurance, you can delay enrolling. Once you stop working (or lose your health insurance), you’ll have an eight-month Special Enrollment Period (SEP) during which you can sign up for Medicare or add Part B to your existing Part A coverage. The SEP begins when your job or insurance ends, even if you choose COBRA or another non-Medicare plan.
For those who are self-employed, you need to enroll in Medicare as it becomes your primary health insurance once you turn 65. If you didn’t pay into Social Security, your Medicare Part A premium could be about $475 per month. However, if you were married to someone who worked for at least 10 years and paid into Social Security, you may still qualify for Medicare and Social Security benefits as a spouse—even if you’re divorced.
Navigating Medicare at age 65 can be confusing due to the many options available. Working with an expert can help you choose the right plan and avoid costly mistakes. If you need a referral to someone who can guide you, give me a call.
