I live in Tennessee, turn 65 in August, and signed up for Medicare Part A only. I have coverage through my wife’s Blue Cross Blue Shield plan, which she’ll keep for about seven more years. Will I owe a penalty now or later if I wait until she retires to get Part B?
Answered by 9 licensed agents
You will not have a Part B penalty as long as your wife's employer has more than 20 employees. Remember, once you enroll in any part of Medicare (Part A) you can no longer contribute to an HSA plan.
You will not owe a penalty as long as you have creditable coverage that Medicare allows. Sometimes people do not know if there coverage is considered creditable and even the HR depts do not truly know if it's actually creditable coverage. Plus getting a Medicare Supplement at 65 allows you to get the lowest rate since it's based on age, gender and zipcode. I always suggest getting Medicare + Supplement Plan instead of keeping employer group coverage since the coverage is better on Medicare + Supplement and it's more cost effective long term.
You will not accrue the Part B penalty if Medicare recognizes the BCBS plan as 'CREDITABLE'. That means Medicare recognizes your wife's plan to be as good or better than any Medicare plan such as Medicare Supplement Plans and Medicare Advantage Plans. Check with your wife's employer's Human Resources Department to make sure the insurance qualifies.
No. You will not owe a penalty as long as she’s working for a company that offers credible health insurance. Meaning her employer must employ a minimum of 20 employees. When she retires, you’ll need to show that you had coverage through her employer. HR will help with a letter. All will be fine. No penalty. Glad you got Part A.
No, you will not be penalized as long as you are on insurance through an employer or a spouse's employer. It is advisable though to weigh the differences in her plan and going on Medicare, it could be a better option to fully switch to Medicare. Also check with her employer to be sure they don't require you to go on Medicare when first eligible. If she works for the state or local school system or government, they usually do require you to switch over to Medicare when first eligible. Note too that you can get Part D with just A and to avoid a penalty for not picking up a Part D plan when first eligible for Part A, you will need to be sure her plan is considered credible coverage according to Medicare's guidelines. It probably is, but you will want to be sure. This is a separate penalty from delaying Part B due to employer coverage.
Yes you will. There will be a penalty for signing up for Part B later. It’s always good to get the part B when it is first offered to prevent penalties down the road.
You likely won't owe a penalty for delaying Medicare Part B enrollment as long as you're covered through your wife's employer-sponsored plan. This qualifies you for a Special Enrollment Period (SEP), allowing you to sign up for Part B without penalty when you drop your current coverage.
Key Points About Special Enrollment Periods:
• Eligibility: You're eligible for an SEP due to your wife's employer-sponsored coverage, which has more than 20 employees.
• Enrollment Window: You have an 8-month window to enroll in Part B after your coverage ends or employment ceases.
• Penalty Exemption: During this SEP, you won't face late enrollment penalties for Part B .
What to Do Next:
• Confirm Coverage Details: Verify your wife's plan details and ensure it's considered creditable coverage.
• Plan Ahead: Mark your calendar to enroll in Part B during your SEP to avoid gaps in coverage.
• Consult a Professional: Consider consulting a licensed insurance agent or Medicare expert to determine the best course of action for your specific situation.
Keep in mind that while you won't face a penalty for Part B, you'll want to carefully plan your transition to Medicare to ensure seamless coverage.
No you will not have a penalty when you go to turn on your Part B. The Special Enrollment Period you’ll be eligible for enables you to contact social security at least 63 days after you’ve left her insurance plan to get enrolled in Part B. The only cost will be the payment for Part B which can be paid through your social security payment if you’ve turned it on. If you’ve not turned it on yet, you will be able to pay through your checking account.
