If you are not claiming Social Security benefits, you may get hit with big penalties for failing to enroll in Medicare
To start, Congress years ago decoupled the eligibility age for Medicare from— now 66 and scheduled to rise to 67 for those born in 1960 or later. Besides, Americans are working and living longer, and thus many are deferring their Social Security benefits.
Back in the day, it all worked relatively seamlessly. You claimed Social Security benefits as you approached your 65birthday and got a notice from the government that it was time to enroll in Medicare. You signed up, your Part B premiums were deducted from your Social Security benefits, and life went on.
Now, the world of retirement has changed. But the enrollment system for Medicare still presumes that people sign up for Medicare and Social Security at the same time, even though 4 in 10 no longer do. Unless you are paying close attention, you probably don’t know that if you fail to enroll in Part B at age 65, you must pay a penalty of 10 percent for each year you defer. Wait two years, and you owe a 20 percent premium penalty, and so on. .Here’s another problem: If you miss your initial sign-up period, you have to wait until the next open enrollment window. And that can leave you with no insurance for months.
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