Avoid Medicare Part B penalties when claiming medical benefits

If you’re approaching retirement age, you’ve probably heard about Medicare Part B, the part that covers doctor visits, medical tests, drugs, ambulance rides, and more. While this important program can offer many benefits, some Americans are unsure of when and how they should sign up for it.

Retirement is a great time to have fun and also get your health and finances in order. But statistics show many Americans make mistakes when it comes to claiming their medical benefits. Last year, nearly 700,000 beneficiaries paid Medicare Part B Penalties.

Here’s what you need to know: you should sign up for Medicare Part B when you turn 65 nless you’re working and have coverage through an employer or you’re working spouse’s employer. You have seven months, the month in which you turn 65 and the three months both before and after it to apply for part b without a penalty. If you don’t follow these rules, Medicare can add a permanent penalty to your premiums for each year you delay.

If you’re still unsure about Part B check out the nonprofit Medicare rights center’s online interactive tool, go to medicare.gov for more info, or meet with a financial advisor but remember if you want to benefit, don’t wait until it’s too late!

According to the New York Times, Medicare Part A, which covers hospitalization occurs automatically at age 65 if you’re drawing social security retirement benefits. If you delay social security, you’ll have to take steps to enroll for Part A. Also if you’re covered under your company but lose your job, you have an eight-month special enrollment period to sign up for Part B.