One benefit of enrolling in an MSP is that it will allow you to enroll in Part B outside of the regular enrollment periods. This is important because you usually must wait for the General Enrollment Period (GEP) to sign up for Medicare if you do not sign up when you were first eligible. The GEP runs from January 1 through March 31 of each year, and coverage does not begin until July 1. If you qualify for an MSP, you can apply for the MSP and it will enroll you in Part B outside of the GEP.
A second benefit is that enrolling in an MSP will eliminate your Part B late enrollment penalty (LEP) if you have one. You will not have an LEP even if you later lose MSP eligibility. Additionally, if you have a Part A LEP because you delayed enrollment in premium Part A, enrolling in the QMB MSP will eliminate your Part A LEP.
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