Need to Stop My Medicare Part B!!

Toni:

I have just enrolled in Medicare Parts A&B because I turned 65 in January. I am currently working with my husband and myself covered under my employer plan.

I am being charged a much higher premium for Medicare because our 2020 tax return showed higher earnings. Can you please explain what one turning 65 with employer benefits should do because I made a big mistake enrolling in Medicare and working with employer benefits? I need assistance to stop my Medicare Part B. Thanks, Tammy from Sugar Land

Tammy:

I have good news for you because Medicare does allow those turning 65 with employer benefits to delay Medicare Part B enrollment without a penalty when you want to enroll in Medicare later. Delaying Medicare does require having employer group health coverage from you or your spouse’s employment.

Social Security must interview you to terminate Medicare Parts A and/or B by calling your local Social Security office. Discuss with the representative that you need to terminate your Medicare since you are covered by your employer’s group health coverage and made a mistake by enrolling in Medicare. You will need to file Social Security form CMS-1763 to terminate Medicare Part A (hospital) or Part B (medical).

• A Working Spouse: Does It Matter? If the working spouse is providing health insurance benefits from their current employment group health coverage, then you may want to delay enrolling in Medicare Part B. You might continue to work either part-time or as a self-employed individual while taking advantage of the coverage provided by your working spouse.
• Self-Employed: Does It Matter? Yes, it does because if you are turning 65, not covered under an employer’s group health plan, and waited to enroll in Medicare Part B, then you can receive a 10% penalty for each 12-month period that you were not enrolled in Part B when turning 65. If you waited 2 years to apply for Original Medicare Parts A and B. The Medicare Part B penalty will be a 20% penalty (2 years 65 and 66) every month for as long as you are on Medicare or the rest of your life.

Different options to enroll in Medicare are below:

• Turning 65 and Receiving Your Social Security Check is the easiest way to receive your Medicare card. Medicare will send your Medicare card 90 days before you turn 65.
• Turning 65 and NOT Receiving a Social Security Check because you are still working or may not be working but waiting past 65 to receive 100% of your Social Security benefits. Enroll in Medicare online at ssa.gov/benefits/medicare to enroll in Medicare 90 days before you turn 65.
• Past 65 and “still working”– Talk to your Employer’s HR. Verify if you should delay enrolling in Part B because you or your spouse are “still working” and you are on an employer group health plan. When you or your spouse are no longer covered by an employer group health plan, at that time have your HR department fill out and sign Social Security form CMS-L564 “Request for Employment Information” and CMS-40B “Application for Medicare Part B. Call your local Social Security office and fax the forms to justify your delay in enrollment and avoid needless penalties.

Please email the Toni Says® Medicare team at info@tonisays.com or call 832/519-8664 regarding Medicare questions including Toni’s stress-free way to enroll in Medicare.

Confused about Medicare Zoom webinar is Thursday, April 28 at 4:00 PM. Visit www.tonisays.com to sign up for the Toni Says online webinar event.

Toni’s new 2022Medicare Survival Guide® is available at www.tonisays.com.