As someone gets closer to 65, there seems to be a hushed roar all around them; quietly in office corners and in huddled groups at the gym:
“Did you hear about the Part B late-enrollment penalty?”
“Yes. My aunt waited too long to sign up and had to pay an extra 10% each month for the rest of her life.”
Everything inside you wants to burst into the groups and get the inside scoop so you can avoid these ubiquitous penalties too, but something stops you. No one likes to admit they’re not “in the know.”
Something else stops you too. All the folks you see whispering around the water cooler are about to turn age 65 and are also planning to retire at that time. It makes sense that they would enroll in Medicare. Their employer insurance is ending.
You on the other hand? You are also about to turn 65 but you want to keep working. Are you supposed to stop taking your employer coverage and apply for Medicare during your Initial Enrollment Period, or can you wait? If you wait, will you have to pay those penalties?
Use this handy flow chart to find out where you land:
