--- title: "Saving Money with Medicare: It’s About Time" description: Making the right Medicare supplement decisions can be time-consuming and stressful. At TMA Insurance Trust we can help. image: https://www.tmait.org/hubfs/February%202022/February_2022_Medicare.png --- - [800-880-8181](tel:800-880-8181) - [CONTACT US](https://www.tmait.org/contact) - [SELF-SERVICE PORTAL](https://tmait.aebsys.com/#/) [![](https://www.tmait.org/hs-fs/hubfs/TMA%20Insurance%20March%202019/Image/logo.png?width=197&name=logo.png)](https://www.tmait.org/) Topics All Accident Insurance Accidental Death and Dismemberment Auto & Home Insurance Auto Insurance Business of Medicine Business Overhead Expense Insurance Comparing Insurance Providers COVID-19 FAQs Critical Illness Insurance Dental Insurance Disability Insurance Employed Physicians Family Featured Financial Advice Group Benefits Group Coverage Health Insurance Homeowners Insurance HSA Independent Contractor Independent Physician Individual Coverage Insurance For Good Insurance for Women Insurance Review Key Person Insurance Life Events Life Insurance Locum Tenens Medevac Insurance Medical Insurance Medical Practice Medicare Medicare Part D Medicare Supplement Medigap Nearing Retirement Office Overhead Expense Insurance Open Enrollment Personal Umbrella Insurance Pet Insurance Practice Management Practice Managers Practice Owners Prescription Drug Coverage Renters Insurance Residents Retired Physicians Retirement Short Term Disability Short-Term Medical Insurance Supplemental Hospital Indemnity Insurance Term Life Insurance Travel Insurance Vision Insurance Women Physicians Young Physicans Young Physicians ![](https://www.tmait.org/hubfs/February%202022/February_2022_Medicare.png) [Medicare](https://www.tmait.org/blog/topic/medicare) # Saving Money with Medicare: It’s About Time 26 February 2022 Time is money. This well known expression is true in many areas of life. Time is precious and valuable. Now that you are nearing or in retirement, making the right Medicare supplement moves at the right time can save you thousands of dollars in health care expenses. By some estimates, the average American retirement lasts about 20 years. Health care needs increase as we age and therefore health care is one of the largest expenses we face in retirement. Original Medicare can help offset many of these costs. ## The Cost of Waiting Signing up for Medicare at the right time is crucial. For example, if you are without health insurance when you turn 65 but fail to enroll in Medicare Part B when you are first eligible, you can be hit with a lifetime 10% penalty for each year you could have had Part B but didn’t enroll. For Part D, the penalty is even steeper. You will be charged 1% for every month that you were late signing up. [![We're here to help - CLICK HERE or call today](https://no-cache.hubspot.com/cta/default/400074/7829f8f8-700e-43fb-8af1-1dfc68feb7ae.png)](https://cta-redirect.hubspot.com/cta/redirect/400074/7829f8f8-700e-43fb-8af1-1dfc68feb7ae)***[800-880-8181](tel:800-880-8181) 8:00 – 5:00 CST Monday – Friday*** ## Maximize Savings by Enrolling at the Right Time The best time to buy Medicare supplement insurance is during your personal Open Enrollment Period. Unlike open enrollment for employer plans which is the same for everyone in the company, with Medicare supplement plans you have your own personal open enrollment period, based on the first day that your Medicare Part B becomes effective. For example, if your Medicare Part B coverage starts on March 1, your personal Medicare supplement open enrollment period would start on March 1 as well and last until August. During that six-month period, insurance companies must offer you a policy at the best available rate, regardless of your health. If you miss your personal open enrollment window, insurance companies could charge you a higher monthly premium or even deny you coverage altogether. If you do not enroll for Part B in a timely manner, the General Enrollment Period would apply. Call us if you have questions or if this pertains to your situation. ## Save Time and Money with TMA Insurance Trust Making the right Medicare supplement decisions can be time-consuming and stressful. At TMA Insurance Trust we know you have better things to do with your time than pour over Medicare websites and printed materials. Our knowledgeable advisors are available to answer your questions with no cost and no obligation. We will help you find a Medicare supplement plan and prescription drug coverage that fits your health and your budget. There’s no time like the present. Contact us today for a free consultation. [![New Call-to-action](https://no-cache.hubspot.com/cta/default/400074/e225e22c-eea0-405c-b027-0babe38d77d5.png)](https://cta-redirect.hubspot.com/cta/redirect/400074/e225e22c-eea0-405c-b027-0babe38d77d5) For over 60 years, TMA Insurance Trust advisors have been serving Texas physicians, their families and staff. TMA Insurance Trust prides itself on offering unbiased information and strategies to members, along with exclusive group rates on a range of the highest-rated plans in the industry. ** [ Medicare ](https://www.tmait.org/blog/topic/medicare) ** [**Previous Entries](https://www.tmait.org/blog/practice-owners-improve-your-health-insurance-plan-this-year-group-health) [Next Entries**](https://www.tmait.org/blog/life-moves-fast-is-your-life-insurance-plan-keeping-up) ## Recommended Posts ### [Medicare Is Complicated – Getting Help Is Easy](https://www.tmait.org/blog/medicare-is-complicated-getting-help-is-easy) ### [Close the Medicare Gap with the Right Supplement and Part D Coverage](https://www.tmait.org/blog/close-the-medicare-gap-with-the-right-supplement-and-part-d-coverage) ### [Medicare After 65: How to Avoid Costly Mistakes If You Keep Working](https://www.tmait.org/blog/medicare-after-65-how-to-avoid-costly-mistakes-if-you-keep-working) ### [Is Your Insurance Retirement Ready?](https://www.tmait.org/blog/is-your-insurance-retirement-ready-medicare) ### [Don’t Let These Coverage Gaps Surprise You in Retirement](https://www.tmait.org/blog/dont-let-these-coverage-gaps-surprise-you-in-retirement-medicare) ### [Medicare Annual Enrollment – Avoid Costly Gaps and Lifelong Penalties](https://www.tmait.org/blog/medicare-annual-enrollment-avoid-costly-gaps-and-lifelong-penalties) ### [Ready, Get Set, Mark Your Calendars - 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