Unlike a one-time fee for a late payment on your credit card or utility bills, fines on Medicare plans last forever! Scary, right? But the good news is, there are several ways to bypass getting dinged. With the correct moves, you can avoid your Medicare Penalty for late enrollment with ease.
What are those steps, you ask? Well, continue reading the following section to know!
4 Easy Ways to Avoid Your Medicare Penalties!
If you don’t sign up for your Medicare Part B when you are first eligible, you will have to pay late enrollment penalties. Additionally, penalties will also apply if you don’t have creditable prescription drug coverage after signing up for Medicare for over 63 days. Regardless of the cause, here are four ways you can avoid the fines.
1. Get the Coverage When You Are First Eligible
Your initial enrollment period is the best time for you to get Medicare drug coverage. It begins three months before your 65th birthday and ends three months after the birthday month. If you have any specific circumstances, you may qualify for a Special Enrollment Period.
2. Consider a Medicare Drug Coverage If You Lose Other Credible Ones
The government requires all Medicare recipients to have creditable prescription drug coverage. It means your current prescription drug plan must provide at least equal benefits to the Medicare prescription plan. So, to avoid the Medicare penalty, sign up for coverage within 63 days from the termination of your last coverage.
3. A Low-Cost Drug Plan
Don’t make the mistake of not enrolling in a drug plan when you are first eligible. Instead, pick a low-cost Part-D plan. It will help you save yourself from a hefty amount of late fees. In addition to that, you will have the resources if you need drug coverage in the future.
4. Consult with an Expert
If you are eligible for the Medicare plan, start your process by contacting an agency. They may suggest some helpful solutions to avoid potential penalties. For instance, Medicare Extra Help can help individuals with limited resources to pay for their coverage or avoid late enrollment penalties.
If you have more queries about the Medicare penalty or are considering enrolling in coverage, you can rely on us. Skyline Benefit is an independent agency fully certified by the government. Our agents will go over your budget and need to help you determine the best insurance for you.
Looking for an independent Medicare broker?
Skyline Benefit is an independent Medicare broker and advisor with the expertise in Medicare options.
Your relationship with Skyline Benefit does not end at the enrollment or sale. Instead, we will be an advocate for you in many years to come, helping you address concerns with your Medicare plan. We can help you review your healthcare coverage needs annually so that, as time goes by, you will continue to have the best Medicare option.