You may be wondering, “Is Medicare mandatory?”. But the answer depends on your individual situation. Some people already have group health insurance through their employer and do not need to enroll. Others have health benefits through their spouse. In this case, you do not need to enroll in Medicare right away. However, you may want to consider it. Here are some things to consider. As with any other insurance policy, Medicare article on Frugal Toad is not mandatory for all people.
You’ll Also Have To Pay A Monthly Deductible
While Medicare is not mandatory, it is near-mandatory for some government employees. For most Americans, it is not. But some people do not want to pay premiums for Part A. And if you do sign up later, you will have to pay penalties for not being enrolled in Medicare. In addition, these penalties are permanent and stick with you throughout your entire Medicare enrollment. For many, it is not worth it to wait and risk losing coverage later.
If you do not want to pay a monthly premium, you can defer your coverage instead. You should discuss the pros and cons with your current insurer and union representative. Make sure your current plan is compatible with your new coverage, and that it covers all of your needs. You may also want to keep your employer’s plan, or your contributions to your HSA. Although Medicare isn’t mandatory, it is complicated to opt out of it. Late enrollment comes with penalties and may be a good option for you, depending on your circumstances.