RALEIGH, N.C. — If you're about to turn 65, enrolling in Medicare should be at the top of your to-do list. Regardless of whether you plan to use the coverage or not, you still have to enroll when you are 65. If you don't, you will pay a penalty for the rest of your life. You must also enroll if you have or are covered by a spouse's insurance.
Catherine Sevier from AARP and Steve Edmunds from Alliance Insurance Services explain the Medicare enrollment process and give tips for signing up for the correct coverage.
MEDICARE SIGN-UP WINDOW
You have the three months before your birthday month, the month of your birthday, and the three months after to sign up for Medicare. You'll pay a penalty if you don't sign up for Medicare in that window.
MAIN PARTS OF MEDICARE & LATE PENALTIES
Part A-- covers inpatient hospital stays. It's free for most people.
Part B-- comes with a premium. It covers doctor visits.
Part D-- covers prescriptions. It's free.
Part A has a late enrollment penalty only if you don't qualify for the free coverage. It could add 10% to the premium.
Part D’s late enrollment penalty costs you 1% more for every month you're late.
Part B's penalty is forever. You'll pay a penalty of 10% more every year.
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