Why You Shouldn’t Delay Medicare
It’s a tough decision to make, but delaying Medicare could have serious consequences for your future. Consider the following:
Delaying Medicare can increase costs. As you get older, it becomes more expensive to purchase health insurance on the private market. If you don’t have any coverage at all and are diagnosed with an illness or condition that requires treatment, this would be extremely costly because there is no guarantee that your employer offers affordable health care benefits.
Your risk of developing a chronic illness increases as you age and delay obtaining Medicare coverage. For example, if you put off getting Medicare until after age 65 when most people enroll in this program, then your risk of developing Alzheimer’s disease will also increase by 13%. This is just one example of how delaying Medicare could affect your future health.
Delaying Medicare can result in reduced benefits and higher out-of-pocket costs. In most cases, the premiums for private insurance increase as you get older. For instance, a 60 year old individual might have to pay triple the premium that they paid at age 55 which is an extremely significant difference over time! This means that it will cost more money each month to cover these expenses, but this won’t be counted towards your yearly out of pocket limit if you had enrolled before turning 65 years old.
Also, you might not be able to get the same coverage after you turn 65 years old because some companies do not offer benefits at this age. One example of this is Medigap plans.
If you delay Medicare for too long, then you might not be able to enroll at all due to preexisting conditions or restrictions that were put in place by the Affordable Care Act (ACA)
Delaying enrollment could have serious consequences on your future health and financial stability! Make sure you are covered by signing up today!