Quote:
Originally Posted by NoMo50
We are in the same boat with the federal BCBS (FEP Blue). But, I opted to take Medicare Part B in addition to BCBS. If you don't sign up for Part B when first eligible, there are penalties imposed if you sign up later. Those penalties are severe, and you would pay them for life. Plus, BCBS reimburses each member who has Part B $800 each year to help offset the cost.
For us, this approach has worked well. I have yet to pay a dime out of pocket for medical expenses, including a major surgery last year. We can go to any doctor or specialist we want. And, with the FEP Blue we have worldwide coverage, which can be important when you travel. Everyone's situation is unique, but for us, this works.
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I could be wrong, but as I understand it, the 10 percent per year penalty for delaying Medicare Part B only applies to the basic minimum Medicare premium, not to the much higher IRMAA premium. Because of IRMAA, my Medicare premium would be almost as much as the $5,000 Blue Cross catastrophic annual limit. So, it makes no sense for me to pay Medicare premiums that are as much as the maximum out-of-pocket cost that I could incur with the Blue Cross plan. I would be basically paying money for no additional coverage. That is why I don't have Medicare Part B.