correction not based upon assets but income for Medicare B rates. (just like most marketplace plans)
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If you have credible coverage after age 65, you do not have to take Medicare part B until your credible coverage ends, I believe. So as an example, for those still working and getting employer health insuranceā¦you can continue this without penalty i think (someone else will verify but this is what my husband did).
What I do NOT know and I hope someone can answerā¦if you decide to buy your own private health insurance at age 65, NOT employer sponsored, does this also count as credible coverage??
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Maybe this explains it better. Itās ācreditableā, by the way, not credible.
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Am curious why you would not want to enroll in the āfreeā Medicare A?
I know nothing about Medicare (yet) but I am guessing that private supplemental plans would require you to be enrolled in the underlying A & B plans.
Following along to learnā¦
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I believe it is either not informed, not knowing how to do it, or not bothering. I have no idea how many donāt do it.
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And there are also people who prefer to pay for their private insurance coverage, because they can and they want to. These people are well informed, know how to sign up for Medicare if they want to, and are choosing a different option than Medicare.
I think your assessment is a bit insulting to those who are able to and want to make this choice.
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Then again, since Medicare can be pretty confusing, I wonder if some people just donāt understand and donāt sign up. Like my parents, who fortunately signed up for part A and B (itās a miracle, because they have always seemed financially confused about everything), but they didnāt sign up for part D. My mom has never understood why they didnāt do it, and my dad ended up being on a boatload of medications, which was costly. He had to take Warfarin because it was the cheapest blood thinner, and that was a huge pain for them.
Honestly, I donāt understand why the government cares when people sign up, it costs them less for people to wait. It seems like they are penalizing elderly people who donāt know or understand the system, just like the huge confiscatory penalties for people who forget to take their RMDs.
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Itās possible some people do t understand the Medicare system and how to deal with signing up.
But there are also folks who choose not to use Medicare, and thatās their option to do.
@busdriver11 if your parents took social security at 62, they would automatically be signed up for Medicare at age 65. Thatās what I didā¦if I didnāt want Part B, I had to indicate so, but if I wanted both A and B, I didnāt need to do anythingā¦and I got my Medicare card in the mail.
In my case, my supplement was then purchased through my large retiree group. I think that is more complicated than getting parts A and B.
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I will bet you anything that at least for my mom, thatās how she ended up with part A and B! I think she did take it at age 62, and honestly, I canāt imagine her understanding enough to actually sign up for Medicare. In fact, to this day, she doesnāt understand what Medicare is, and thinks sheāll have to pay fully for any treatment she gets, though Iāve explained it time and time again.
Itās actually quite odd to me to realize that my mom is pretty much financially illiterate, and likely always was. But she understands how to write checks for her bills, understands that she should never get in debt, and has managed (inadvertently) to save a considerable amount of money by living like she was impoverished. To this day I canāt convince her to spend more, and sheās giving my niece (who lives with her) lectures about using too much electricity to cook her eggs.
And if a smart woman, a retired engineer with two technical degrees can be like this, what about so many elderly in the rest of the country? Thatās a big reason why I say that we should NEVER give up on our social security and Medicare programs, or we will see many elderly people living in the streets.
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My MIL was one of the smartest people I know. As she has moved through her 90ās, though, she is just so confused about everything. When my FIL died 3 years ago, my MIL thought she would lose the retiree healthcare she had because of FIL. I called the company and was able to confirm that she could keep her insurance. Itās not the cheapest option, but she didnāt have to do anything to keep it & she understands how it works. At this point, thatās really important. If she had been required to change insurance, I think it would have really been an issue for her.
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āItās possible some people do t understand the Medicare system and how to deal with signing up.ā - Absolutely! After hubby got set up, we asked āHow do the dumb people figure this outā? (In his case he was deferring SS, so Iām glad to read it can be more straightforward for those who start collecting early.)
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I contacted a Medicare specialist about whether someone (my brother) would need to get off his private insurance when he turns 65. This was his response,
ā itās only possible to get private health insurance and delay Medicare if itās through an employer with more than 20 employees. Since your brother is self-employed and there are less than 20 employees, he will need to take Medicare if heās on an ACA plan designed for people under the age of 65. It seems that he will be required to enroll in Medicare when he turns 65 and transition off his current health insurance.ā
He also said one would incur penalty for signing up later.
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@oldfort thank you for inquiring and sharing that here.
It is not just about self employed. As soon as you are not employed on or after 65 then you need to be on Medicare or Advantage.
My SIL told me something that Iād like to ask the crowd whether itās true.
Se said that the first year you sign up you should get the best plan you can because there is no qualifying that first year, that a plan has to take you. But she says thatās not so in later years, that providers can turn you down. Is this accurate?
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Spousal coverage can be creditable coverage. However, COBRA is not. I believe the rule is that one needs to go on Medicare within 8 months of being on COBRA. This stuff is really not intuitive, is it?! 
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I think I am a fairly smart and well informed person, but this Medicare thing is hard to understand.
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Ditto here.
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@youdon_tsay: You can sign up for Medicare Part B or any Medicare Advantage program when you begin Medicare. The catch is when youāre in an Advantage plan and want to go back to Medicare. You can return to traditional Medicare coverage, but the Medigap (supplemental policy) insurers may do medical underwriting before issuing you a policy.
From the Kaiser Family Foundation:
"If youāre already in a Medicare Advantage plan and you want to switch to traditional Medicare, you should contact your current plan to cancel your enrollment and call 1-800-MEDICARE (1-800-633-4227). Note there are specific enrollment periods each year to do this. The first period when you can switch from your Medicare Advantage plan to traditional Medicare is during the Medicare Open Enrollment period that runs October 15 to December 7. When you make the switch back to traditional Medicare during the Medicare Open Enrollment period, the change will take effect on January 1 of the following year. The second period you can switch from Medicare Advantage to traditional Medicare is during the Medicare Advantage Open Enrollment Period that runs from January 1 to March 31, and coverage will start the first of the first month after the plan gets your request. If you switch to traditional Medicare and you want prescription drug coverage through Medicare, you will also need to sign up for a stand-alone prescription drug plan (PDP) for your drug coverage. If you do not, and you decide to sign up for Part D coverage later on, you may face a penalty for late enrollment.
When you switch to traditional Medicare, you may also want to consider purchasing a Medicare supplemental insurance policy, known as Medigap. Medigap policies help to pay your cost-sharing requirements under traditional Medicare. Depending on how long you have been enrolled in Medicare Advantage, Medigap insurers may not be required to sell you a policy unless you meet the medical underwriting requirements. You may want to contact a few Medigap insurers directly to see if you will be able to purchase a Medigap policy when you switch to traditional Medicare."
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