Skip to main content area.
Sunshine Insurance Associates

Site Navigation

  • Home
  • Products
  • Q & A
  • Events
  • Reviews
  • Schedule
    • 15 Minute Meeting
    • 30 Minute Meeting
    • 60 Minute Meeting
    • Seminar
  • Contact
  • Scope Of Appointment
Sunshine Insurance Associates
Click to call. 7862081221

Site Mobile Navigation

  • Home
  • Products
  • Q & A
  • Events
  • Reviews
  • Schedule
    • 15 Minute Meeting
    • 30 Minute Meeting
    • 60 Minute Meeting
    • Seminar
  • Contact
  • Scope Of Appointment

KNOWLEDGE • EXPERTISE • CUSTOMER SERVICE

Why is There a Penalty for Not Signing up with Medicare?

Date Published:
January 16th, 2018

I get this question a lot as a Medicare Insurance Agent.  Medicare has very defined rules regarding a penalty for not obtaining Part B “Medical” and Part D “Drug” coverage at the time you are eligible for Medicare Part A.  You are eligible for Medicare either when you turn 65 years old, or having been disabled for 24 months.

Schedule an Appointment Today!

Technically speaking, you don’t have to do anything.  But if you do nothing when you are eligible, then you may pay for it in the long run.  The exception for this rule is if you currently are eligible for Medicare, but have health insurance through your employer.

For example, you feel that you cannot afford or need Medicare Part B which in 2017 will cost approximately $134 per month, if your income is below $85K per year, and Part D may range in cost from $18 through $60 depending on the Private Insurance company that you obtain the drug plan through.  Fast forward 5 years later, and you develop a chronic condition which requires medications to manage, or you develop cancer.  Once you decide to get back on Part B and Part D, not only will you face a delay in doing so, but the penalty for Part B is 10% for every year, and Part D is 12% for every year you did not have the coverage.

What does that translate to?  5 years of not having Part B will be 50% times (what Part B cost which is $134) or 50% X $134 = $67.  You will pay $67 every month for the rest of your life.

5 years of not having Part D will be 60% times (National Average Cost of what Part D cost which is $34.10) or 60% X $34.10 = $20.46.  You will pay $20.46 every month for the rest of your life.

These examples are based on 2017 rates and serve as examples only.  Please call Medicare or visit the Medicare.gov website for more information.

This information is brought to you by The Medicare Lady, Darlene Swaffar at www.seniormedicalchoices.com.

Categories:
Medicare Advantage Plans in Florida
Tags:
affordable insurance, best medicare supplement plans, get insurance quotes, insurance comparison, insurance coverage, insurance policy, insurance prices, insurance rates, medicare advantage plan, medicare enrollment period, medicare plans, medicare supplement insurance plans, medicare supplemental insurance, medigap, medigap plans, sign up for medicare advantage, supplemental health insurance, supplemental insurance for medicare

Categories

  • Florida Medicare Advantage Insurance Broker (3)
  • Medicare Advantage Plans in Florida (3)
Get Started Here

Products

Q & A

Events

Refferals

Contact

Sunshine Insurance Associates
  • Home
  • Products
  • Q & A
  • Events
  • Reviews
  • Contact Us
  • Blog
  • Privacy Policy

©2017 Sunshine Insurance Associates - Do not copy. All rights reserved.