While it may not be possible to avoid paying Medicare premiums altogether, you can take a few steps to lower the costs. The first step is to understand what a surcharge is and how it affects you. This will allow you to calculate how much you can save on your premiums each year. There are also different tiers of surcharges, so it is essential to understand your tier before signing up for Medicare.
The best way to reduce your Medicare premiums is to enroll during the Initial Enrollment Period, which begins three months before your 65th birthday month. This period provides you with a seven-month window for enrollment. After that, you will be penalized with a late enrollment penalty and be stuck paying that amount every month. Once you sign up for Medicare, it is essential to enroll in the prescription drug plan. The more expensive your prescriptions, the higher the premiums will be.
You may qualify for a particular enrollment period if you’re under 65 and still covered by a group health insurance plan. This period begins when you separate from your employer, and your coverage ends. You can sign up for Medicare and avoid paying the Part B penalty during this time. The enrollment window closes after that. You can also enroll after your 65th birthday, but it is essential to sign up.
