If you are considering declining Medicare Part B there are several things you need to know before dropping the coverage. If you make mistakes when it comes to Medicare Part B, Social Security can charge you a premium penalty surcharge that can become very expensive. Here is what you need to know about declining Medicare Part B. In 2006 the monthly premium for Medicare Part B is $88.50. For some folks this is downright expensive. If you have other health insurance 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 premium for you, declining the coverage may be your budgets only option. If you are covered by a group health plan that is due to your spouses 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 health plan must be due to current employment; a group health plan that is due to a retirement plan will not cut it. If you have a group health 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 during the General Enrollment period. General 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 during the General Enrollment period, Social Security will most likely charge you a Premium Surcharge Penalty on your Medicare Part B premiums. This penalty is an additional 10% of the base premium amount for each year that you were not covered by Medicare Part B. The answer to the question 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 Social Security benefits, visit the website Social Security Laid Bare using the links below. |
