Spouse's employer insurance, why part B?

[PhilH192686]

My spouse signed up late for Medicare, birthday was in Jan. Not knowing any better we recently signed up for Part A & B. Was surprised to get a bill for $670, we were thinking Part B was $170 per YEAR! Good lord, $170 per month is almost commercial.

We have insurance through my job, $60 per week. I just can't see paying another $170 per month. I can use that $2000 per year to pay toward our deductibles.

We pay a copay of $14, plus whatever is left after insurance, which can be almost nothing or a good bit depending...

I'm thinking about not doing the Part B.

What am I missing?

Thanks, Phil

[shamit]

I'll try to answer a little.  First you say you have insurance through your employer.  You need to find out if it is considered a group health plan as defined by the IRS.  Next if your company has less than 20 emplyees you need to sign up for Part B even if covered through your employer.  

If you need to be signed up for Part B and cancel it, when you do need it, you will have to pay a penalty forever.  Not just a short period.  You should be checking with the employer's human resources department.

Here is a link that might help from the medicare site:

https://www.medicare.gov/basics/get-started-with-medicare/medicare-basics/working-past-65#:~:text=Ge...).

Here is another that will help you see if you should be signed up for Part B or could cancel and sign up later without a penalty.

https://www.cms.gov/Outreach-and-Education/Find-Your-Provider-Type/Employers-and-Unions/FS3-Enroll-i...

[WebWiseWoman]

GREAT info, @shamit !

I got caught in this trap and now penalized, as you advised, forever!

This shouldn't be the case, but it apparently is what it is...

I so wish the government would consider a medicare-b forgiveness period as they have for student loans; speaking with other seniors I know, this would be more than helpful. Some  paid student loans in full, but now can't afford part b premiums.

Thanks for the info, @shamit !

#StaySafe

[GailL1]

There is a PROPOSED rule that came from CMS on 04/22/2022 that IF APPROVED could help some with their Part B late signup premium penalty by creating a Special Enrollment Period under certain circumstances.  

It is only proposed at this point and there are only few details available thus far.  The proposal has to work its way thru the channels and comment period.

Stay Tuned !!!

CMS News Release 04/22/2022 - CMS Proposes Updates to Reduce Barriers to Coverage, Simplify Medicare...