Maximizing Your Medicare Savings

Medicare provides essential health coverage, but missing key enrollment deadlines can result in costly late fees that last a lifetime. The good news? You can avoid these extra costs with the right strategy. Here’s how to avoid late fees and maximize your Medicare savings.

Understand When to Enroll

Medicare enrollment isn’t automatic for everyone, and timing is everything. Here are the key enrollment periods to know:

  • Initial Enrollment Period (IEP): Your first chance to enroll starts three months before your 65th birthday and lasts three months after. Missing this window could result in penalties.

  • Special Enrollment Period (SEP): If you have employer-sponsored health insurance, you may qualify for a Special Enrollment Period when that coverage ends, allowing you to sign up without penalties.

  • General Enrollment Period (GEP): If you missed your IEP and don’t qualify for an SEP, you can enroll between January 1 and March 31, but late fees may apply.

How Much Are the Penalties?

  • Medicare Part B (Medical Insurance): A 10% increase in your premium for every 12 months you go without signing up when eligible.

  • Medicare Part D (Prescription Drug Coverage): A permanent penalty based on how long you went without coverage, added to your monthly premium.

How to Avoid Medicare Late Fees

✅ Enroll on time – Mark your calendar and don’t miss your IEP.
✅ Check if you qualify for an SEP – If you’re working past 65 and have employer insurance, you may be able to delay enrollment without penalties.
✅ Don’t go without drug coverage – Even if you don’t take medications now, enrolling in Part D on time prevents future penalties.
✅ Get expert help – Medicare rules can be tricky, but a licensed Medicare advisor can help you enroll at the right time.

Medicare penalties can add up quickly and last forever, but with careful planning, you can avoid late fees and save money. Have questions? Reach out today—we’re here to help!

Let us help you Evolve Your Medicare Experience. 

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Other Medicare Questions? We can be reached at 814.201.9708 or at jocelyn@evolveinsurancegrp.com.

Jocelyn Wolf