Lesson 2: Penalties(And How To Avoid Them)

IN THIS LESSON

Let's talk about the penalties associated with Medicare.

You will not be penalized if have credible coverage from a group plan or work even if you turn 65 and don't sign up for Medicare.
You will be penalized if you don't have credible coverage when you turn 65 and don't sign up for Medicare. You will be charged a 10% penalty for every year you went without coverage for life.
You can also be penalized for not signing up for a Part D plan when you sign up for Part B. Typically 1% per month or 12% per year.
COBRA is NOT considered credible by Medicare Part B but IS by Part D.