Q. Should I apply for Medicare Part B?
A. We discussed the first common Medicare question here, now the second common and confusing Medicare question.
Should you sign up for Medicare Part B at the same time as Part A? The logic behind this question is simple - unlike Part A, you need to pay a premium for Part B, if you don't need the coverage, why waste the money?
But the problem is, the timing for enrolling in Part B is tricky and the stakes are high - late enrollment in Part B can cause a permanent premium increase!
Group Insurance Coverage
The single most important factor to consider: do you have employer group coverage? If not, then enrolling in Part B is a no-brainer, you should apply during your seven-month initial enrollment period!
But if you are covered under a group health plan based on current employment -- whether your own employer or a spouse's -- you may qualify for a special enrollment period SEP). You may delay enrolling in Part B until your group health coverage is terminated, and avoid the late enrollment penalty.
Special Enrollment Period
The SEP is an 8-month special period that starts the month after the end of either employment or the group health insurance coverage based on that employment -- whichever happens first.
Note that COBRA coverage does NOT qualify as employer coverage.
A. We discussed the first common Medicare question here, now the second common and confusing Medicare question.
Should you sign up for Medicare Part B at the same time as Part A? The logic behind this question is simple - unlike Part A, you need to pay a premium for Part B, if you don't need the coverage, why waste the money?
But the problem is, the timing for enrolling in Part B is tricky and the stakes are high - late enrollment in Part B can cause a permanent premium increase!
Group Insurance Coverage
The single most important factor to consider: do you have employer group coverage? If not, then enrolling in Part B is a no-brainer, you should apply during your seven-month initial enrollment period!
But if you are covered under a group health plan based on current employment -- whether your own employer or a spouse's -- you may qualify for a special enrollment period SEP). You may delay enrolling in Part B until your group health coverage is terminated, and avoid the late enrollment penalty.
Special Enrollment Period
The SEP is an 8-month special period that starts the month after the end of either employment or the group health insurance coverage based on that employment -- whichever happens first.
Note that COBRA coverage does NOT qualify as employer coverage.
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