Part B Enrollment After IEP

[Winter_123]

Assume that a client missed the seven month IEP for Part B and is not coming off of creditable coverage etc. On other words they just let it go to sign a couple years later.

Could someone give me a reminder please on when they can activate that. As I recall they can sign up anytime but the effectivity date is once a year or once every six months or something. Can't remember.

What's the penalty there.

Thanks.

Winter

 

[Russ]

They'll have to wait until the next AEP...which is from Nov. 15th, 2009 to Dec. 31st, 2009, with an effective date of January 1st, 2010.

"The penalty amounts to 1 percent of the average cost of the premiums for all Medicare prescription drug policies. The average cost of premiums for 2009 will be around $50 a month so the penalty would be $6.50 a month if you were one year late in enrolling."..........from Medicare Part D Penalties Apply

 

[Frank Stastny]

Russ,

Good answers but I don't think that is what he is looking for. I think he is talking about taking Medicare Part B for the first time after the prospect has already turned 65. It has nothing to do with Advantages Plans the the AEP or PDP.

Winter,

The penalty for not taking Medicare Part B with turning 65 is the Part B premium will increase by 10% for each full 12-month period that he could have taken Part B but elected not to.

The exception to that, as you noted, is if he has had health insurance coverage up to the point of applying for Medicare Part B.

I apologize, I can't remember exactly when the dates are that he can sign up for Part B. It seems to me that there is a limited amount of time he can do that each year with the coverage beginning around six months later. (Sign up in January with an effective date of July.)

I would suggest that either you or he call Social Security and they will give you the specific dates. I don't want to make a WAG.

 

[Russ]

Russ,

Good answers but I don't think that is what he is looking for. I think he is talking about taking Medicare Part B for the first time after the prospect has already turned 65. It has nothing to do with Advantages Plans the the AEP or PDP.

Winter,

The penalty for not taking Medicare Part B with turning 65 is the Part B premium will increase by 10% for each full 12-month period that he could have taken Part B but elected not to.

The exception to that, as you noted, is if he has had health insurance coverage up to the point of applying for Medicare Part B.

I apologize, I can't remember exactly when the dates are that he can sign up for Part B. It seems to me that there is a limited amount of time he can do that each year with the coverage beginning around six months later. (Sign up in January with an effective date of July.)

I would suggest that either you or he call Social Security and they will give you the specific dates. I don't want to make a WAG.

Jeez, I must be blind. I thought it said part D

Got this goggle searching....

General Enrollment Period....

The general enrollment period begins on January 1st and ends on March 31st every year. Benefits will not begin until July 1st of that year. The general enrollment period allows a beneficiary without Part B to sign up for coverage. A beneficiary may be subject to a late enrollment fee of 10% for each 12-month period an individual did not have Part B Medicare.

 

[Frank Stastny]

Jeez, I must be blind. I thought it said part D

See, your mother was right. I quit doing that once I needed glasses.

 

[jdeasy]

Assume that a client missed the seven month IEP for Part B and is not coming off of creditable coverage etc. On other words they just let it go to sign a couple years later.

Could someone give me a reminder please on when they can activate that. As I recall they can sign up anytime but the effectivity date is once a year or once every six months or something. Can't remember.

What's the penalty there.

Thanks.

Winter

If he is outside the initial enrollment for part B and he does not have creditable coverage nor did he have and just wanted to not sign up and didn't, he can enroll in part B now. It won't be effective until July 1 and he will have a 10% penalty for every year that he was without part B since he was eligible. The penalty is permanent.

 

[retread]

They'll have to wait until the next AEP...which is from Nov. 15th, 2009 to Dec. 31st, 2009, with an effective date of January 1st, 2010.

"The penalty amounts to 1 percent of the average cost of the premiums for all Medicare prescription drug policies. The average cost of premiums for 2009 will be around $50 a month so the penalty would be $6.50 a month if you were one year late in enrolling."..........from Medicare Part D Penalties Apply

The penalty for Part D is stated incorrectly here, however the question was about Part B. Also... the Part B enrollment has nothing to do with AEP. That is for PDPs and MAs only.

The Part D penalty is $.30/month as calculated by multiplying 1% times the National Base Beneficiary Premium, which is reported to be $30.36 in the 2009 Medicare & You (see page 127). So one year would be $3.60/mo, NOT $6.50 as this *** reporter stated in the local Florida rag. That's why you don't take information out of a newspaper when you are supplying data as a professional agent.

Besides, these Brooksville/Hernando county idiots can't even play ball well. My team beat them repeatedly in every sport we played against them when I was a high school player from Citrus County! Be careful out there!

 

[mcday]

Speaking of "2009 Medicare & You"... does anyone know where you can order one online and have it delivered to you. I remember doing this last year, but can't find the link now.

 

[Russ]

The penalty for Part D is stated incorrectly here, however the question was about Part B. Also... the Part B enrollment has nothing to do with AEP. That is for PDPs and MAs only.

The Part D penalty is $.30/month as calculated by multiplying 1% times the National Base Beneficiary Premium, which is reported to be $30.36 in the 2009 Medicare & You (see page 127). So one year would be $3.60/mo, NOT $6.50 as this *** reporter stated in the local Florida rag. That's why you don't take information out of a newspaper when you are supplying data as a professional agent.

Okay....guess I'm not a professional agent. Thanks for clarifying.

 

[retread]

Speaking of "2009 Medicare & You"... does anyone know where you can order one online and have it delivered to you. I remember doing this last year, but can't find the link now.

Check your local library. I can pick up extra copies from mine, but then again, everything is up to date in Kansas!