Medicare: Will You Be Penalized If You Don't Register On Time?
Many people are unaware that failing to register for their yearly Medicare programme on time might have serious implications.
They need to do it when they are first eligible or there will be penalties to pay if they don't do it in time
The vast majority of people don't have to worry about paying a late enrollment penalty for Medicare Part A.
Delaying enrollment in Medicare Part B and/or Medicare Part D, on the other hand, can result in significant penalties.
We've got you covered if you're wondering what to do if this happens. We'll show you how to avoid these penalties and walk you through some real-world instances.
If you were already receiving Social Security payments when you turned 65, you would be immediately enrolled in Medicare.
They are the ones who signed up for Original Medicare, Parts A and B. Everyone who is enrolled in that Medicare has nothing to worry about because there are no enrollment fines.
However, those who continue to work after the age of 65 and delay receiving Social Security payments are not usually immediately enrolled in Medicare.
People who have not enrolled in a Medicare Part A plan should do so as soon as they qualify, which is three months before their 65th birthday, including that month.
For people on Medicare Plan B, failing to sign up on time can result in a 10% penalty charge if you wait 12 months to join.