Enrollment and Penalties

Secure your future healthcare by enrolling in Medicare during your Initial Enrollment Period. Avoid late enrollment penalties that can increase your monthly premium and last a lifetime. As an insurance broker, we’ll guide you through the enrollment process to ensure you make informed decisions

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WHO CAN ENROLL IN MEDICARE?

To be eligible to enroll in Medicare, you must be a US Citizen or be a legal resident who has resided in the US for five continuous years, including the five years just prior to enrolling.

You also must meet one of the following criteria: Age 65 or older, be younger than 65 with a qualifying disability, or have a diagnosis of end stage Renal disease or ALS.

WHEN CAN I ENROLL IN MEDICARE?

Around when you turn 65, (or receive your 25th disability check), you will have what is known as your Initial Enrollment Period (IEP).  This includes the month you turn 65, three months before, and three months after.  If you are receiving Social Security or Railroad Retirement Board Benefits, you will be automatically enrolled.  You will still have an IEP when you can make additional coverage decisions.  If you are not receiving these benefits, you may or may not be contacted by Medicare, so you should mark these dates to enroll yourself in Medicare. You may have a Special Enrollment Period (SEP) if you or your spouse is working past 65 and you have creditable health coverage.

ADDITIONAL COVERAGES

At Passage Insurance, we help guide our clients to keep them covered to safeguard from financial exposure involved with the gaps in Medicare through providing Medicare Advantage or Medicare Supplement Plans.  It is important to note, timing is of the essence in making these critical decisions to avoid paying more for the same coverages in the form of late penalties assessed by Medicare.  If you are over age 65, and have gone without creditable coverage, set up a call with us today to stop accumulating penalties for your medical financial future!

Understanding Medicare Enrollment:

It’s important to sign up for Medicare coverage during your Initial Enrollment Period unless you have other coverage that’s similar in value to Medicare (like from an employer). If you don’t, you may have to pay an extra amount, called a late enrollment penalty.

Late enrollment penalties:

  • Are added to your monthly premium.

  • Are not a one-time late fee.

  • Are usually charged for as long as you have that type of coverage (for most people, that’s a lifetime penalty). The Part A penalty is different.

  • Go up the longer you wait to sign up – they’re based on how long you go without coverage similar to Medicare. Find out when you should sign up to avoid penalties.

LATE ENROLLMENT PENALTY

Passage Insurance PART A LATE ENROLLMENT PENALTY

PART A LATE ENROLLMENT PENALTY

Some people have to buy Part A because they don’t qualify for premium-free Part A.  If you have to buy Part A, and you don’t buy it when you’re first eligible for Medicare, your monthly premium may go up 10%.

You’ll have to pay the penalty for twice the number of years you didn’t sign up.

Passage Insurance PART B LATE ENROLLMENT PENALTY

PART B LATE ENROLLMENT PENALTY

Generally, you won’t have to pay a Part B penalty if you qualify for a Special Enrollment Period.

You’ll pay an extra 10% for each year you could have signed up for Part B, but didn’t.
You may also pay a higher premium depending on your income.

<br /> PART D LATE ENROLLMENT PENALTY

PART D LATE ENROLLMENT PENALTY

Generally, you won’t have to pay a Part D penalty if:

  • You have creditable drug coverage (coverage that’s similar in value to Part D), or;
  • You qualify for Extra Help.

You’ll pay an extra 1% for each month (that’s 12% a year) if you:

  • Don’t join a Medicare drug plan when you first get Medicare, or;
  • Go 63 days or more without creditable drug coverage.

You may also pay a higher premium depending on your income.

How We Work

My goal is to provide white-glove service to each and every client to meet their current health insurance needs. I provide ongoing consultation each year to review any changes or new options available.

 

Personalized Medicare Guidance

Receive insurance guidance tailored to your lifestyle, financial goals, and personal preferences. 

Medicare Education and Consultation

Passage Insurance offers Medicare 101 educational meetings and ongoing consultations.

Consultations for Professionals

If you’re a professional working with Medicare beneficiaries, we are available to partner with you as a Medicare resource.