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.
YourMedicare.com takes pride in providing you as much information as possible concerning your Medicare options, but only a health insurance broker licensed to sell Medicare can help you compare your plan options from various insurance companies. When you’re ready, we recommend you discuss your needs with a YourMedicare.com Licensed Sales Agent.
This content was created and copyrighted by the Medicare Rights Center ©2021. Medicare Rights Center is a national, nonprofit consumer service organization that works to ensure access to affordable health care for older adults and people with disabilities. These materials are presented here with support from YourMedicare.com and may not be distributed, modified or edited without Medicare Rights’ consent.