Is Medicare Mandatory?
There are two sides to the question, “is Medicare mandatory?” Depending on your age and employment status, it is entirely up to you whether or not you enroll. However, if you are already receiving Social Security benefits, Railroad Retirement Board, or other creditable coverage, you are automatically enrolled in Original Medicare. This is the most comprehensive health insurance coverage available to all Americans. However, if you don’t qualify, you can delay enrolling in Medicare Part B. More info – www.thefrugaltoad.com/personalfinance/is-medicare-mandatory
You Might End Up With Financial Penalties If You Don’t
If you don’t want to sign up for Medicare, you can postpone enrolling until you have other health insurance coverage. However, you should understand the penalty for delaying enrollment and the restrictions that come with that. Some retiree plans don’t cover the cost of Medicare if you are not enrolled, and other insurance plans may not cover the cost of your unregistered Medicare. Moreover, if you are still healthy and have a job, you may want to continue your current health insurance plan and keep your contributions to your health savings account.
You may also delay enrollment if you have other insurance coverage. You may be eligible for Medicare Part A coverage if you work at an employer who offers Group Health Insurance. Part D coverage, however, is not mandatory. However, there are penalties if you wait until the next open enrollment period to sign up. Delaying your enrollment can lead to higher premiums. Further, you may want to consider whether you are eligible for Part B coverage if you have other health insurance, like a spouse or child.