There are penalties if you do not sign up in time.
At age 65, you signed up for Medicare Part A.
But you decided to wait on Part B.
This is fine.
In fact, many people do this.
You are still receiving health insurance from your work.
Now, the time has come for you to retire.
According to a recent Kiplinger article titled “What to Know About Enrolling in Medicare Part B,” you need to sign up for Medicare Part B within eight months of retirement.
If you do not, there will be consequences.
You could receive a gap in coverage and a lifetime penalty.
You should also start the process immediately.
You cannot simply sign up online.
You will need to have your employer prove it had covered your health insurance up to your retirement.
The paperwork will need to be taken to your local Social Security office or mailed.
What forms need to be completed?
- CMS-40B Application for Enrollment in Medicare Part B
- CMS-L564 Request for Employment Information
The second form only needs to be filled out if you worked past age 65 and will be need to be completed by your employer.
What if you worked multiple jobs with health insurance after turning age 65?
Each employer will need to fill out a form.
Because this paperwork takes a while to process, you should submit these forms at least two months before you retire.
This will ensure that you receive coverage immediately upon your retirement.
If you require more coverage, the Social Security office can help educate you on Medigap policies, Medicare Advantage plans or Medicare Part D prescription plans.
The only reason you can delay this Medicare enrollment is receiving health insurance from a current employer.
File sooner rather than later to avoid missing the eight month grace period.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Kiplinger (June 23, 2017) “What to Know About Enrolling in Medicare Part B”