4. It is always possible to apply for Medicare
One of the Medicare myths is that once you turn 65, you automatically get enrolled in Medicare. But this is not true at all. There are some people who will get enrolled automatically, but this doesn’t apply to everyone.
For example, if you plan to retire at 65, you have six months when you can sign up for the original Medicare, Part A, and Part B. The first three months you lived before turning 65, the three months before your birthday, and then another three months after your birthday. In total, you have six months before you can enroll in Medicare.
If you plan to work after you turn 65, things change a little bit. There are many people working after 65 who still receive health coverage. This means they don’t need Medicare yet. In this situation, it’s likely that you’re eligible for a Medicare Special Enrollment Period.
The Medicare Special Enrollment Period is something that lets you keep your Medicare application on pause until your healthcare insurance expires or until you retire. You then have eight months to sign up for Medicare Part A and Part B.
In case you fail to enroll in this 7-month window and you don’t have health insurance coverage from your employer or from your spouse, you might be penalized by Medicare, and when you want to enroll for premiums, you will have to pay more.
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