Hi Toni:
I retiring from work soon and never got Part B because I was working. I am very confused and not sure what I need to do. Can you tell me what to do….Signed Sam from Richmond.
Hi Sam:
Before you leave your job and group health plan, apply for Part B. It takes 3 months for Part B to be effective. Look into a Medicare Supplement or a Medicare Advantage Plan. See which type of plan that your doctor thinks will be the best choice for your Medicare. If you enroll in a Medicare Supplement, REMEMBER… there is no Medicare Prescription Drug coverage (Part D) and you must apply for a Medicare Prescription Drug Plan or you will have no prescription drug coverage. Since you are just leaving your group plan and you will be receiving Part B for the first time, you only have 60 days to get Medicare Prescription Drug Coverage, not 61 or 62 days. You will only have 63 days to receive guaranteed issue with a Medicare Supplement, and you will not have to answer any health questions. Try and do everything as soon as you become eligible for Part B. Just don’t put anything off!!! This is too important for you!! Don’t forget there are penalties for not enrolling in Part B if you wait after you stop working. The penalty is 10% for each year you could have had Part B and a 1 % penalty for each month you could have had (Medicare Prescription Drug Plan (Part D) but didn’t enroll and Medicare goes all the way back to the day you turned 65!!
