Much like the Medicare Part D penalty, you may also be subject to a penalty if you decide not to enroll in Medicare Part B when you are first eligible. The late enrollment penalty for Medicare Part B is an additional 10% for each full 12-month period that you could have had Part B but didn’t sign up for it. You will pay the penalty for as long as you’re enrolled in Medicare Part B.
Mrs. Smith waited to sign up for Part B three full years after she was eligible. She’ll pay a 10% penalty for each full 12-month period she waited. The penalty is added to the Part B monthly premium, which is $121.80 in 2016.
2016 standard Part B premium $121.80 3 years x 10% = 30% of $121.80 $36.54 Mrs. Smith's Part B monthly premium for 2016 $158.34
This penalty may not apply to you if you are still working for an employer who provides group health coverage when you become eligible for Medicare.
For more information on Medicare, contact us anytime at (941) 405 – 3900.