It’s The Right Thing To Do.
Medicare Part B penalties can disappear – in some cases, Equitable Relief Can Help
You had healthcare coverage under a Marketplace Exchange plan. This was made possible under the Affordable Care Act for people who didn’t have insurance with their employers. Then you turned 65. You automatically were enrolled in Medicare Part A – at no cost. You were offered the opportunity to sign up for Medicare Part B, the “medical insurance” plan, but it came with a monthly premium. You didn’t sign up.
You missed the enrollment period for Medicare Part B because your coverage under your Marketplace Exchange plan was cheaper than the premiums for Part B. Then you lost the Exchange coverage because that stops when you get Medicare.
Now, you are in a pickle. Either you are paying a late-enrollment penalty for coverage under Part B – and this penalty will be due for the rest of your life – or you don’t have any coverage because you decided it was too expensive with the penalties. Neither is a good option!
Well, a solution is now available. But only for a short time. Medicare has extended its Equitable Relief program deadline until September 30, 2018. That’s only three months away, so act now.
What Is Equitable Relief?
Equitable Relief was designed to help people who either have not signed up for Part B or are receiving Part B benefits but paying a penalty. This is only for people who were receiving coverage under a Marketplace Exchange plan. These plans may be referred to as Marketplace or Exchange Plans.
You have to apply for Equitable Relief through Social Security. You will need documentation of your prior Marketplace or Exchange coverage.
It is really worth your time and energy to apply for this relief if you qualify. The premium penalty is 20 percent and you have to pay this monthly as long as you have Part B.
If You’re Granted Equitable Relief, You Will:
- Be able to enroll in Part B with no penalty, or
- If you are enrolled in Part B and paying a penalty, you may get that penalty reduced or dismissed.
There are requirements and qualifications that you must meet so contact your local Social Security office for help. This website may help you navigate the process: https://www.medicareinteractive.org/
Remember, if you do qualify, get this done before the deadline: SEPTEMBER 20, 2018.