When you turn 65 and become eligible for Medicare, you’ll be faced with the decision to sign up for Medicare Part B which specifically covers doctor visits and outpatient care. In this article, we’ll explain who needs to sign up for Medicare Part B, when it might make sense to delay signing up for Part B, and what factors to consider before making your decision.
When to Consider Medicare Part B
If you’re self-employed, already retired, or don’t have access to an employer health plan, you almost always need to sign up for Part B as soon as you’re eligible. You have a seven-month window to enroll: three months before your 65th birthday, the month of your birthday, and three months after.
However, if you’re still working and covered under an employer plan, you may have the option to delay Part B. In that case, it’s important to compare your current employer coverage with what Medicare would offer before deciding.
The right decision depends on your personal situation — your health needs, employer coverage, and financial goals.
How Income Affects Your Decision
Another important factor in deciding when to enroll in Medicare Part B is your income. Currently, there is no premium for Part A, the portion of Medicare that covers hospital stays and inpatient care, and most people receive it automatically when they become eligible for Medicare.
Part B, however, covers doctor visits, outpatient care, medical tests, and other routine services, and it requires a monthly premium. That’s why this decision matters: enrolling in Part B gives you access to the medical coverage that Part A doesn’t include.
When It May Make Sense to Delay Part B Enrollment
Your income affects what you pay for Part B. Premiums are based on your income from two years prior to the year you enroll, and higher earners may pay a surcharge. Because of that, some people choose to delay enrolling in Part B until after they retire and leave their employer’s plan, which can help avoid unnecessary costs.
If you’re still working and covered under an employer plan, it can make sense to sign up for Part A only. Having Part A in place keeps things simple when you eventually retire and decide to add Part B, and helps you avoid potential enrollment penalties later.
Talk With an MBhealth Agent Before You Decide
There are several factors to consider when deciding whether to enroll in Medicare Part B right away or delay it. Our licensed agents can help you look at your current situation, compare your employer coverage with Medicare, and decide what makes the most sense for your finances and healthcare needs. Call us at (314) 544-5400, or reach out through mbhealth.com. We’ll be happy to review your options and help you make an informed decision.
