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Jan 21

2: Sticking With The Traditional Part A And Part B Is Always Best Medicare Is More Complicated Than It May Seem, With Two Main Choices: Original Medicare And A Medicare Advantage Plan.

Medicare Costs Medicare Advantage Plan Benefits Health Insurance Misunderstanding No. 1: You can sign up any time Well, you can sign up any time after you hit age 65, but signing up late can cost you a lot. no dataIn a nutshell, you’re eligible for Medicare at age 65, and can sign up anytime within the three months leading up to your 65th birthday, during the month of your birthday, or within the three months that follow. Miss that seven-month-long “Initial Enrollment Period” and your part B premiums (which cover medical services, but not hospital services) can rise by 10% for each year that you were eligible for Medicare but didn’t enroll. You may avoid the penalty, though, if you’re among the many Americans who are already receiving Social Security benefits by the time they reach age 65. Rochester, Finn.: Mayo Foundation For Medical Education And Research; 2014. | Guidance For Your EyeballsThose folks are typically enrolled in Medicare automatically. You might also avoid the penalty and be able to skip the deadline if you’re still working, with employer-provided healthcare coverage, at age 65, or if you’re serving as a volunteer abroad. Image source: Getty Images. Misunderstanding No. 2: Sticking with the traditional Part A and Part B is always best Medicare is more complicated than it may seem, with two main choices: “original” Medicare and a Medicare Advantage plan. Original Medicare consists of Part A, Part B, and very often Part D.

For the original version including any supplementary images or video, visit http://www.fool.com/retirement/2017/01/14/3-medicare-misunderstandings-that-could-cost-you.aspx

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