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Yes, you have a choice, but to avoid the penalty of higher premiums down the road (if and when you do enroll), you are supposed to have "creditable coverage" (I think that's what they call it), like from an employer or a spouse's employer. If and when that employer coverage ends, you can enroll in Part B "late" without penalty. Also, certain people with lifetime medical coverage in connection with their pension may not have to enroll either (unless required by the pension plan itself). Perhaps someone will post with information about the lifetime coverage business because I don't have it and I don't know anything about it.
Thought howard had this all figured out already as per post below. Have things changed?
Quote:
Originally Posted by howard555
I became eligible for Part B after the wait period, and did not take it at that time. So, when I signed up later, I incurred the 10% penalty. I cancelled Part B later in that year.
If I was to sign up in Jan. 2012, my premium would be about $125.
My social security check is $1060, so the $125 premium is close to 12%.
I have a small pension of $80 a month from an hourly job, if I take that at age 65. If I take it at age 62, it would be about 40% less or $48.00.
So, $1060 S.S. and $48 a month more at age 62 (or $80 more at age 65).
I took Part B when I retired at 67. Since I had creditable coverage under my employer while I worked, I was not penalized for late enrollment.
Yes, ER is right, you need to have had creditable coverage to avoid the penalty. Same goes for Medicare Part D.
What if you can't afford Medicare? I'm 63, and heard that it costs $115 per month. I can't afford that. I only get $650 per month, and work two part-time jobs (for now), and I'm looking for more work. If I had to pay that, I might as well not be on it!
What if you can't afford Medicare? I'm 63, and heard that it costs $115 per month. I can't afford that. I only get $650 per month, and work two part-time jobs (for now), and I'm looking for more work. If I had to pay that, I might as well not be on it!
First, it used to cost $115 per month. For 2012, the amount will be reduced to $99 plus change ($99.50, I think). It is odd that such a cost would be going down instead of up.
What do you do now if you need to see a doctor? Paying your entire cost out of pocket is a lot more expensive than the Medicare Part B premium. I wish you luck in finding more work.
What if you can't afford Medicare? I'm 63, and heard that it costs $115 per month. I can't afford that. I only get $650 per month, and work two part-time jobs (for now), and I'm looking for more work. If I had to pay that, I might as well not be on it!
That is my situation, as well.
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And I have been eligible for Part B since 2009, so my premiums will be higher. An increase of 10% a year (the penalty) from the time you are eligible, to the time you enroll.
What if you can't afford Medicare? I'm 63, and heard that it costs $115 per month. I can't afford that. I only get $650 per month, and work two part-time jobs (for now), and I'm looking for more work. If I had to pay that, I might as well not be on it!
I added up the premiums, the co-pays, deductables, overages, etc.
and determined that for me to pay for Medicare and use it, the total would be over $2000.
If my medical costs are less than that, I may as well just pay out of pocket.
^^A consideration would be what fees are your doctors charging you when there is no Medicare claim. Ex. My chiro, who I see about 3x month, ordinarily charges $48 per visit. But since Medicare approved rate is $24.43, that's what he charges me. Medicare co-pay would be $4.88, or $15/mo. Right now Advantage plan pays 50%, so I'm paying about $36/mo. If I didn't have Medicare, I'd be stuck w/$48x3, or $144/mo. That alone is a reason for me to maintain Medicare Part B. Of course, you could say you're on Medicare Part A w/o Part B and see if you can get that rate anyway.
Another thought for really low income people would be state assistance for the Medicare premium. I have a friend who is on a combination of Medicare/Medicaid. Gets absolutely first rate care - we have great hospitals here - at no charge.
Whereas, I'm stuck w/a $40 copay for every specialist and the Medicare premium. She never gives it a thought.
Last edited by Ariadne22; 11-01-2011 at 03:53 PM..
First, it used to cost $115 per month. For 2012, the amount will be reduced to $99 plus change ($99.50, I think). It is odd that such a cost would be going down instead of up.
What do you do now if you need to see a doctor? Paying your entire cost out of pocket is a lot more expensive than the Medicare Part B premium. I wish you luck in finding more work.
Paying $99 per month is still too much. If I need to see a doctor for something that I can't take care of myself, it costs me $35. I go to a clinic that goes by my income, and can also go to Mexico, where an office visit will cost $30. I get my one prescription from Costco, and if I need something else, I go to to Mexico.
I had a fungus infection on a finger a few years ago. The doctor told me that the prescription was $300 in the US and $40 in Mexico. I don't have tell you where I bought it, and I had to take it for three months.
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