Medicare Part B - Guidelines to Deciding to Take it Or Delay It

With recent financial losses incurred by retirement accounts across the country and numerous other problematic economic factors, many people are working well past their age 65 Medicare eligibility date. In some cases, this means that they can keep employer coverage for longer. This brings up an important question about Medicare Part B -- should those who have employer coverage take Part B when they become eligible for Medicare or should they delay it until they lose, or terminate, employer-sponsored health insurance coverage? Here are three guidelines to making this important decision:

Understand Medicare Part B and what it covers. In short, Part B covers doctor/physician services. That is the primary benefit. In addition, this part of "original Medicare" also covers durable medical equipment, some preventive care services, x-rays and lab tests, home health services, the first three pints of blood in any given year, ambulance services and more.

Know the cost of taking Part B versus the cost of waiting to take it. The reason that some people may choose to delay the enrollment in Medicare Part B if they are covered under employer-sponsored health insurance is that this is the part of Medicare that has a monthly premium charge (nearly everyone automatically qualifies for Medicare Part A because of their work history and Social Security contributions). The premium charge for Medicare Part B changes in some years, but it is currently around $100/month for most people.
If you decide to delay taking Part B, consider those costs as well. If Medicare is your primary insurer yet you decide to forego enrollment in Medicare Part B, you may be subject to enrollment time period limitations and/or penalty fees when you do elect to take Part B.

Find out if Medicare would be your primary insurer or secondary insurer. If you don't know the answer to that, here is how you can tell. Medicare is your primary insurer if you have some sort of retiree coverage from a former employer (of you or your spouse) OR if you have coverage through a current employer that has fewer than 100 employees. On the other hand, Medicare is a secondary insurer if you have insurance from a current employer that has over 100 employees.
The consensus is that, if you have Medicare as a primary insurer, you should take Medicare Part B so that you have full Medicare coverage. However, if Medicare is your secondary insurer, you can consider delaying enrollment in Part B, saving the nearly $100/month premium and then taking Part B when you lose, or terminate, that employer-sponsored health insurance.

Secure Medicare Solutions is a leading, independent resource for Turning 65? South Carolina Medicare. For more information about this topic and many other Medicare and Medicare Insurance-related topics, please visit http://www.securemedicaresolutions.com