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Month: April 2024

The Savings Game: When to enroll for Medicare Part B, other reader questions

The Savings Game: When to enroll for Medicare Part B, other reader questions

Q: I am approaching 65, and have to make some decisions regarding enrolling in Medicare. I will be working after age 65. My employer is willing to continue some health-care coverage after 65. My employer has fewer than 20 employees. Do I have to enroll in Medicare Part B?

A. If your employer has fewer than 20 employees, then it is mandatory for employees to sign up for Medicare Part B (medical insurance) when they reach age 65 to avoid penalties.

Some employers with fewer than 20 employees do offer health benefits to employees older than 65, and some partly subsidize Part B premiums for employees who continue to work.

These employees are required to enroll in Part B during the initial enrollment period (during the seven-month period that straddles the month they turn 65).

Those who fail to enroll during this period may be penalized when they do sign up for Part B. Monthly Part B premiums may increase up to 10% for each full 12 months in the period that employees could have enrolled in Part B but did not. read more