By Terry Savage on March 07, 2024 | Insurance & Annuities

Hi Terry
Today I heard your viewpoint about people putting off signing up for Medicare past 65. I understood you to say it is Ok if you’re working to wait. However I did not hear you mention that Medicare imposes a penalty if you don’t sign up at age 65 for Medicare part B and also
Prescription plan part D the government will impose penalties. Think it’s worth mentioning.
Thank you love your commentaries.

Terry Says

No no, you’ve got that wrong. As long as you have other comparable coverage from work, there is no penalty for signing up later for Medicare — as long as you do so immediately after your other coverage terminates.
But do check with your employer to make sure they don’t require you to sign up for at least Part A, as part of their insurance program.
And if you do sign up for Part A (which is free) you can no longer contribute to a HealthSavings Account!



a personal
finance question