omega3 asked in Business & FinanceInsurance · 7 months ago

I'm 64, retired and have been drawing SS since age 63 and have health insurance through the ACA. I'll turn 65, Feb 2020 and be automatically?

enrolled in Medicare Part A and B. I go for an annual wellness visit and I'm healthy and take no prescription drugs.

I see all these scenarios where a person shouldn't enroll in Part B...as being covered by other health insurance, contributing to a HSA, etc. But how about the healthy person such as me? Why should I have $135 or more taken out of my SS payment to pay for something I don't need.

I'm single, live a healthy lifestyle, don't engage in risky behavior and don't have any dependents.

I plan to take it year by year as far as enrolling in Part B. If I see my health declining, I'll sign-up for it ASAP, but until then, it doesn't make sense for me to sign-up when I turn 65.

I would like your thoughts and any information you can provide.

Thanks

Update:

Part A pays for Hospital coverage.

Update 2:

A person who is already receiving SS before there 65th birthday is automatically enrolled in Part A and B at age 65. If the person wants to decline the Part B coverage, they must return the Medicare card they received in the mail and let Medicare know they are declining the Part B coverage, They will be mailed a new card with just the Part A coverage.

Update 3:

Due to my good health and low annual income, my monthly ACA health insurance premium is $0.

21 Answers

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  • 7 months ago
    Favorite Answer

    Unless you are still employed and have health insurance through that employment, you MUST enroll in Medicare Part B by May of 2020 (three months after reaching 65, you can do it three months early, too) to avoid the penalty for failure to enroll - which is assessed when you actually do enroll. Part A is automatic.

    You can get a Medicare Advantage plan that has no premiums, but you must be in Part B to get one of those. If you truly think you don't need health insurance, you can roll the dice and pay the penalty when you do enroll. Which is 10% of the premium at the time for every year after 65 that you waited.

    Let's say you wait until you are 70. You will owe a 50% penalty of the Medicare premium, whatever it is at the time, and you will pay that for the rest of your life. If at age 70, the monthly premium is $160, it will cost you $240.

    As for this: 'Why should I have $135 or more taken out of my SS payment to pay for something I don't need.'

    Why? Because it's a government insurance program. You aren't so much paying for you, but paying for everybody. And because it's the law.

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  • car253
    Lv 7
    7 months ago

    You MUST apply 3 months before turning age 65. !!!

    • RICK
      Lv 7
      6 months agoReport

      Wrong
      If already drawing SS its automatic unless you decline
      Been thee done that with both my wife and I

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  • lucy
    Lv 7
    7 months ago

    https://q1medicare.com/q1group/MedicareAdvantagePa...

    Since you are on SS, then you will get a notice and a Medicare care effective February 1, 2020.

    Now, unless you have any exemptions like others have posted, then they will automatically deduct Part B from your SS check.

    Now, depending on your income, then you might qualify for free or reduced income that you can apply for, which is the site attached.

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  • zipper
    Lv 6
    7 months ago

    NO WAY! It is not automatic, you have to go and sign up for it at the Social Security Office. If you do not do so Medicare will punish you, just like they done did me!

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  • hamel5
    Lv 7
    7 months ago

    The only reason to not enroll in part B is if you were covered through work.

    The reason to have the insurance is in case you get sick, get into an auto accident. drop a car battery on your foot, get an infection, etc, etc.

    A middle of the road ER visit is about $900 + follow up.

    FYI - if you're receiving subsidized insurance through the ACA - get ready to say goodbye - The States waste no time kissing you off when you hit 65

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  • Anonymous
    7 months ago

    "If I see my health declining, I'll sign-up for it ASAP" So...everyone who has ever entered an emergency room with an emergency should have put off that emergency so they could buy insurance before going to the emergency room?

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  • Anonymous
    7 months ago

    Your ACA ins has to cost a lot more than $135 a month! Drop that and pick up Medicare A,B,D. You will NEVER regret it. Everyone's body breaks down at some point. Age is the biggest predictor. Age 65-75 is when high blood pressure, cancers, mental declines, diabetes, bad joints from either injury or arthritis and a host of other things that need medical attention. Illnesses I have had all came out of no where, three different types of cancer after 65, heart surgery, and on and on caught me off guard, the cancers would had bankrupt me if I didn't have A&B. You are saving money by buying it now I assure you.

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    • omega37 months agoReport

      I DO realize the ACA tax subsidy goes away when I become Medicare eligible and I'm definitely not keeping the ACA insurance when I turn 65 because of the loss of the tax subsidy. But, I don't want to pay the $135/mth Medicare premium either. I'd like to find a health plan in the $50-$75/mth range.

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  • Anonymous
    7 months ago

    Are there penalties for delayed enrollment in Part B?

    I'm 75 . . . . excellent health, of course In Medicare since age 65. I enrolled in a Supplement Plan at 65 - but Part B only . . . . I'm not fond of medications, never on any maintenance prescript - so like you, thought it would be wasteful to enroll in Part D (non-hospital medications). But at age 70 thought it was about time, although I still don't take anything. SURPRISE - the late enrollment penalty is MORE than the premium..... presumably for the rest of my life.

    My info is out-of-date, but check-out all those ways they have to get you!

    (another one: I started my 401(k) as soon as they were available - stashed away as much as I could which, of course, was untaxed in the year contributed. "Don't worry", they said, "when you take it out you'll be in a lower tax bracket." Bull - My reward for saving is to watch it evaporate in taxes as I take the Mandatory Annual Withdrawal. Think tax rates will be going down in the future? Don't dream - invest in something they can't tax.

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  • Lolly
    Lv 7
    7 months ago

    How do you know you won't be hit by a car? It could happen that you never even see it coming.

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  • Anonymous
    7 months ago

    Its automatic, but you can opt out, if you do it costs more to opt back in later, if you can.

    It was for me. I still had ins from employer I retired from when my card arrived unannounced

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    • Judith
      Lv 7
      7 months agoReport

      A person getting monthly benefits will automatically be sent a Medicare card a few months b4 age 65. If they don't want it all they have to do is follow the instructions which comes along with the card.

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