Medicare Part B: Can I Decline the Medicare Part B Coverage?
If you are inspecting declining Medicare Part B there are some things you need to know before dropping the coverage. If you make mistakes when it comes to Medicare Part B, collective safety can fee you a excellent penalty surcharge that can come to be very expensive. Here is what you need to know about declining Medicare Part B.
Medicare Part B: Can I Decline the Medicare Part B Coverage?
In 2006 the monthly excellent for Medicare Part B is .50. For some folks this is downright expensive. If you have other condition guarnatee coverage there are certain situations where you can drop Part B and re-join later with no penalty. If you do not meet the requirements for this special enrollment and your State will not pay the excellent for you, declining the coverage may be your budget's only option.
If you are covered by a group condition plan that is due to your spouse's employment you can decline Medicare Part B and get back in when your spouse retires with no penalty. The only catch is that your group condition plan must be due to current employment; a group condition plan that is due to a retirement plan will not cut it. If you have a group condition plan due to employment you qualify for "Special Enrollment" for Medicare Part B at any time.
If you do not meet the requirements for "Special Enrollment" you can only get back into Medicare Part B while the "General Enrollment" period. normal Enrollment is January through March of each year, and your Part B coverage will not start until July. If you get back into Medicare Part B while the normal Enrollment period, collective safety will most likely fee you a "Premium Surcharge Penalty" on your Medicare Part B premiums. This penalty is an added 10% of the base excellent estimate for each year that you were not covered by Medicare Part B.
The respond to the inquire "Can I decline Medicare Part B?" is ultimately yes; however, there may be unpleasant financial consequences later on if you do this. To learn more about your Medicare coverage and collective safety benefits, visit the website "Social safety Laid Bare" using the links below.
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