Medicare Changes: Lower Late Enrollment Penalties and New Exemptions
This act aims to ease access to Medicare Part B by reducing penalties for late enrollment. It also introduces exemptions for individuals who had other health coverage, such as COBRA, retiree, or VA coverage, potentially lowering their costs and ensuring continuity of healthcare.
Key points
The late enrollment penalty for Medicare Part B will be limited to 15% of the monthly premium and applied for twice the period of non-enrollment, rather than indefinitely.
Periods of COBRA, retiree, and VA coverage will be excluded when calculating late enrollment penalties, meaning no penalty for individuals with such prior coverage.
A special enrollment period will be created for individuals whose COBRA or retiree coverage terminates, facilitating a smooth transition to Medicare without penalties.
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