What Happens If You Miss Your Initial Medicare Enrollment Period? ☹️

Initial Medicare Enrollment Period Guide - There are a number of unpleasant consequences you might face if you don’t sign up for coverage during your IEP.
1️⃣ If you wondering if there are better Medicare plans available
2️⃣ If you worried you don't fully understand your current Medicare plan
3️⃣ If you just plain curious as to what other benefits you could get at no extra cost

Initial Medicare Enrollment Period Guide - There are a number of unpleasant consequences you might face if you don’t sign up for coverage during your IEP.

Hey guys, Lance here again with Medicare advisors. And we're a team of friendly licensed agents dedicated to helping seniors navigate the complex world of Medicare. So today I'm going to discuss what happens if you miss your initial enrollment period. Before I start, please remember the information I'm sharing is just for your general knowledge. If you really want to maximize your Medicare benefits by getting the best coverage for the lowest amount possible, call our toll free number at 1-800-240-5241.

Okay, let's get started with today's topic. What happens if you miss your initial Medicare enrollment period. So there are a number of unpleasant consequences you might face if you don't sign up for your coverage during your IEP. These apply only if you do not have other credible coverage, like employer coverage. So let's go ahead and break these down. If you don't enroll in Part B during your IEP, you'll probably have to pay a late enrollment penalty. For as long as you have Medicare coverage, the penalty is 10%. For every 12 months period, you should have had Part B but didn't enroll in 2022. The standard premium for Part B is $140.50, which means you'll pay an extra $14.85 every month, this will increase if the standard Part B premium goes up next year, which it likely will you'll pay this penalty even if you ultimately choose Medicare Advantage.

Now if you don't have credible Part D prescription drug coverage and miss your IEP, you'll pay a penalty with your part D premium. Again, as long as you have the coverage, the penalty is 1% per consecutive month that you went without coverage for prescription drugs. So the national base premium is currently $41 per month. So if you go without coverage for a year, you'll pay an extra $4.92 a month, and quite possibly more if the Part D base premium increases for as long as you have coverage. Initial Medicare Enrollment Period

Now in the rare situation where you don't qualify for premium free Part A, because you don't have enough work credits and you don't buy it during your IEP, you'll pay a 10% Premium penalty for twice the number of years you could have bought the coverage but didn't. So if you're getting ready to enroll in Medicare for the first time, or if you're already enrolled in Medicare, one of the most important things you can do is review all your options as Medicare plans and benefits are updating and changing each year.

Now if you're enrolling for the first time, it can be very confusing trying to figure out which plan will be right for you. And if you're already enrolled, it's a good idea to review your coverage each year because you could be missing out on some important benefits offered by the major providers in your state. By reviewing your coverage, you may be able to upgrade your benefits without having to pay more money. Initial Medicare Enrollment Period

So if you're wondering about how to sign up for Medicare and finding the right plan for you, or if you're worried you don't fully understand your current Medicare plan, or maybe you're just curious about other types of benefits, you can get it no extra cost. Either way, you can go ahead and call this toll free number 1-800-240-5241 which you can see on the bottom left of the screen. We are open Monday through Saturday 8am till 6pm. Eastern Standard Time, then once you call you'll get the chance to speak with someone who will be happy to answer any questions you might have and and find you the best coverage available for you and your particular situation. And even if it's outside the Annual Enrollment Period, it's still very easy to switch your plan if you'd like to do so. We'd love getting to answer as many of those as we can.

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[medicareadvisor]

#1 If you wondering if there are better Medicare plans available
#2 If you worried you don't fully understand your current Medicare plan
#3 If you just plain curious as to what other benefits you could get at no extra cost

[christinedorotheo]

Can you give an example on how to calculate the late enrollment penalty for Part B?

[azikahabib]

If I had an HMO coverage that included drug coverage, but I left that for regular Medicare, will I still have to pay Part D penalties?

[haisonnguyenhuynh]

When is the initial enrollment period?