Most seniors on Medicare will pay $99.90 per month this year for Part B outpatient coverage. But how would you like to pay 10 percent more for that coverage, or 50 percent more?
1. Medicare Confuses Many Seniors
Most seniors on Medicare will pay $99.90 per month this year for Part B outpatient
coverage. But how would you like to pay 10 percent more for that coverage, or 50 percent
more?
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LAW OFFICE OF DAVID PARKER BLOG
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2.  The rules for filing for Medicare benefits can be confusing.
Even worse, they contain land mines. A particularly nasty land
mine, as described in a recent article out of Reuters, involves
the penalty for late filing for Medicare Part B benefits. The
problem arises because Social Security and Medicare are no
longer on the same timetable. Social Security retirement
benefits can only be taken in full at age 67, but for Medicare the
eligibility age remains 65. This little inconsistency in elder law
can make a big difference for some.
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LAW OFFICE OF DAVID PARKER BLOG
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3.  For each full year that a qualified senior fails to enroll in
Medicare Part B, the monthly premium jumps ten percent. The
average premium is just under $100, so two years of
delinquency (achieved by filing for Medicare at the same time
as the senior becomes eligible for Social Security) results in a
$20 increase in the monthly premium. For many retirees, this
can represent a considerable amount of wasted money. It’s
entirely avoidable, and it’s permanent. A small amount of
monthly expenditure can, over time, do unpleasant things in
terms of NY estate planning and New York asset protection.
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LAW OFFICE OF DAVID PARKER BLOG
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4.  In addition, with many people not actually leaving the
workforce it’s easy to forget (or fail to realize, since you’re not
really retired) that it might be time for Medicare. If you are still
working at age 65 and your employer has fewer than 20
employees, Medicare is the primary payor; at companies with
more than 20 workers, the employer's plan is primary. In the
latter situation, a senior can postpone filing for Parts A
(hospitalization) or Part B, although many choose to enroll for
Part A anyway, since it doesn't require premium payments. If
you delay your Part B coverage, you can enroll without penalty
when you do retire for up to eight months following that point.
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LAW OFFICE OF DAVID PARKER BLOG
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5.  What’s the final word? Be aware of all this, and as in all
retirement planning and estate planning matters, early is better
than late. This is true whether or not you will be relying on
Medicare. In fact, not relying on Medicare when it becomes
available could present problems in the long run. If you are still
employed, a visit to the company accountant might be in order
to determine where your company stands in terms of medical
care for senior-citizen employees, and what your actions should
be as a result.
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LAW OFFICE OF DAVID PARKER BLOG
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6. Law Office of David Parker
Estate Planning and Elder Law
 www.parkertrustlaw.com