30 Second Insurance Tips©

Tip #299- Is There An Individual ‘Mandate’ for Seniors?

Approaching retirement, Jack had enjoyed remarkable health; never had a hospitalization and took no prescription drugs. So, when he turned 65 and became eligible for Medicare Part B – which covers basic physician and outpatient services – he declined to enroll.
Roll the clock forward five years. Predictably, Jack finally got sick. He’s in the process of signing up for Part B now but, he’s learned that coverage won’t start until July. And, there a hefty 50% surcharge to the standard Part B premium (currently about $109/month).
Note your Part B premium may be increased by 10% for each12 month period that you could have had coverage but didn’t sign up, presuming you weren’t covered by an employer sponsored group plan.
I find this anecdote interesting in the context of a new administration promising to roll back the individual mandate of The Affordable Care Act. For those over 65, there is no mandate.
But, there are compelling financial incentives.
Just trying to help!