fbpx

Failure to Enroll in Medicare Part B Could Mean a Lifelong Penalty

Look at medicareWhat if you signed up for Medicare Part A when you turned 65 but didn’t enroll in Part B because you were still working and had health insurance from your employer?

Now, at 68 you’re planning to retire this year. What do you need to do to enroll in Medicare Part B, and when do you need to do it?  You are required to sign up for Medicare Part B no later than eight months after you leave your employment and lose that coverage. Failure to do so can result in a lifetime penalty and a gap in coverage.

You’re unable to sign up online since your employer must provide proof that until now you have coverage at work. You must mail in the paperwork by mail or bring it in person to your local Social Security office. You’ll need to complete these forms: CMS-40B Application for Enrollment in Medicare Part B and, because you worked past 65, CMS-L564 Request for Employment Information (to be completed by your employer). If you’ve had more than one job with health coverage since you turned 65, you must also have each employer to fill out a separate form.

The Social Security Administration must then process the paperwork. Mail your application or make an appointment with Social Security at least two months before you retire to ensure that your Part B coverage starts in the first month you’re officially retired. The Social Security office can also provide you with a letter of eligibility or enrollment—that will help with finding a Medigap policy, Medicare Part D prescription plan or a Medicare Advantage plan.

Note that only health insurance from a current employer counts as eligible coverage for delaying Medicare sign-up. Therefore, if you have retiree health coverage or if you continue your employer’s coverage through COBRA, you still need to sign up for Medicare Part B within eight months of leaving your job.

Reference: Kiplinger (June 23, 2017) “What to Know About Enrolling in Medicare Part B”

 

 

Like this article?

Share on facebook
Share on Facebook
Share on twitter
Share on Twitter
Share on linkedin
Share on Linkdin
Share on pinterest
Share on Pinterest

Leave a comment

LIKE THIS POST?

We have a LOT more where that came from!

We hate spam too. We will never share or sell your information.

Call Now ButtonCall Us Now https://jsfiddle.net/7h5246b8/

Request a free consultation

We hate spam too. We will never share or sell your information.

We've been putting together as many resources as possible so that we can continue to help:

  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
  • We launched the rollout of our on-demand webinar early so that new clients and our allied professionals can view the important component parts of ‘an estate plan that works’ at their convenience.  That is available on our website.
  • Live video workshops will be produced as quickly as possible and certainly ahead of our previous schedule; we will keep you posted as these events become available. Given the ‘boutique’ nature of the firm, we rarely have more than ten people in our office including team members at any one time. During this period of ‘social distancing,’ we promise to have no more than 8 people at any time.   This allows us to comply with the Governor’s directive to limit in-person gatherings.
  • The best way to communicate with us is still by phone during regular office hours of 8:30 to 5:00, Monday through Friday, or, you can email any of our team members (that is, their first name followed by @zarembalaw.com).  We will respond to these emails as quickly as possible.
  • Please continue to follow the directives of our local, state, and federal agencies. For your health and in consideration of our team who is assisting you, if you’ve scheduled an office appointment or planned to drop off paperwork and are experiencing a fever, dry cough, or shortness of breath, please contact your primary care doctor for guidance and then our office to reschedule.

Thank you, Walt and the Zaremba Team

Coronavirus/Covid-19
Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.