Part B, this penalty is 10% of the base national monthly premium ($164.90 for 2023) for every 12 months you were without coverage. For
Part D, this penalty is 1% of the "national base beneficiary premium" ($32.74 in 2023) for every month you were without coverage.
employer's insurance, either yours or
your spouse's. The general rule of thumb is that if you have creditable coverage, stick with it. If you aren't a fan of your current insurance and want to switch to Medicare, talk with one of our licensed insurance experts at
Fair Square Medicare. We can give you an honest assessment of how your current policy stacks up to what you can get with Medicare.
Medicare as a secondary payeroption while private insurance pays primary. Our agents can work with you to figure out what's best, but the important thing to know is that you may not need to sign up for Medicare if you have creditable coverage. You will have a special enrollment period (SEP) to enroll in Part B and/or Part D when you retire.
of Creditable Coverageis the form your employer or union sends you by October 15 to inform you that your health plan meets the minimum standards required by Medicare. You don't need to do anything but hang on to this notice if you join a Part D plan later. Medicare's website recommends that you do not send in your Notice of Creditable Coverage.
CHAMPVA(for Parts A & B)
TRICARE(for Parts A & B)
GoodRxis not considered creditable (although it is a great resource for coupons and information). Reference the four qualifications above to see if your prescription drug plan is considered creditable.
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We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.