Why do some seniors end up paying lifelong penalties for Medicare Part B or Part D?
Question from a Senior: Why do some seniors end up paying lifelong penalties for Medicare Part B or Part D?
Advice for Seniors Medicare Part B Medicare Part D
Lack of appropriate retirement planning education. One of the foundations I have built my business on is education. Medicare 101 seminars can be really useful to people to learn how to avoid these penalties.
It is important to know that unless you have what is known as Creditable Coverage, delaying Part B and or Part D can carry lifelong penalties. Each situation is unique so it’s important to consult with a professional to understand if you have Creditable Coverage or not and have a plan in place, months before you turn 65. Sorting out your Medicare coverage is best done up to 3 months before you turn 65.
It is important to know that unless you have what is known as Creditable Coverage, delaying Part B and or Part D can carry lifelong penalties. Each situation is unique so it’s important to consult with a professional to understand if you have Creditable Coverage or not and have a plan in place, months before you turn 65. Sorting out your Medicare coverage is best done up to 3 months before you turn 65.
Answered by Samantha Jellison on March 6, 2025
Broker Licensed in NC, FL & SC
It's because there is so much information that is misleading. I believe the finding a good agent to work on your side will help seniors not make that mistake!
Answered by Erin Stott on March 5, 2025
Agent Licensed in UT, OR & WA
