To avoid late enrollment penalties, you may need to sign up for Medicare at age 65 even if you already have workplace coverage.
"The biggest mistake ... is to assume that you don't need Medicare and to miss enrolling in it when you should have," said Danielle Roberts, co-founder of insurance firm Boomer Benefits.Basic Medicare consists of Part A, which is hospital coverage, and Part B, which is outpatient care coverage.
and a stand-alone Part D plan. Be aware that higher-income beneficiaries pay more for drug coverage; see the chart below. Many people in that situation delay Part B but sign up for Part A because it's free as long as you have a 10-year work history of paying into the program through payroll taxes.However, she said, if you happen to have a health savings account, or HSA, paired with a high-deductible health plan through your employer, be aware that you cannot make contributions once you enroll in Medicare, even if only Part A.
"I find it is always good to just confirm," said Elizabeth Gavino, founder of Lewin & Gavino and an independent broker and general agent for Medicare plans.
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