Posted by Allen Heffler on 05/11/2017
Seven Medicare Mistakes to Avoid- Mistake # 1 Failing to Pay Your Part B premiums by Allen Heffler
Failing to Pay Your Part B premiums
In today’s world, many of us work past the age of 65. Many of us might delay our Social Security income benefit to age 67 or 70, since you have sufficient income from work. Because you are not receiving a Social Security check, Medicare is unable to deduct your Part B premiums from a Social Security check. Thus, Social Security mails a quarterly bill for Medicare Part B instead.
Medicare Beneficiaries get a lot of mail! It can be very easy to overlook a piece of mail from Social Security- which could be your quarterly invoice. Sadly, the result could be catastrophic.
Social Security can revoke your Medicare Part B for non-payment. If this occurs, not only will you not have Part B/Medical coverage through Medicare, they also could notify your Medigap carrier, who might cancel your Medigap plan. It is possible that you might be left with no coverage for outpatient services, which includes doctor visits, lab-work, medical equipment, surgeries, chemotherapy, dialysis and many other expensive services.
To make matters worse, you will now have to wait until the next Medicare General Enrollment Period (GEP) to enroll in Medicare Part B. The GEP runs from January 1st – March 31st each year. Though you can enroll during this period, your coverage won’t start until the following July. A serious illness or injury during this uncovered time could result in thousands of dollars of unpaid medical expenses. We want to avoid that at all costs.
Best tip: If you are enrolled in Part B before you begin taking Social Security, contact them at 1-800-772-1213 and ask them to set up bank draft for you. This is the easiest way to make sure you don’t overlook paying your Part B and causing yourself a world of hurt.
While mistakes do happen, it is important to try to avoid them! Since even the most prepared person might encounter issues, it’s in your best interest to work with an independent Medicare broker who knows what they are doing when it comes to Medicare. We are here to help you every step of the way! Wouldn’t it be nice to have someone on your side with Medicare? Just call Allen Heffler – MyMedicareAdvisor at (215) 658-1776.