Missing Medicare enrollment can result in permanent late enrollment penalties. Part B late enrollment penalty: 10% added to premium for each 12-month period you were eligible but not enrolled. Part D late enrollment penalty: 1% of the national base beneficiary premium for each month without creditable coverage.
Key Points
- Part B late enrollment penalty: 10% per 12-month period without coverage
- Part D late enrollment penalty: 1% per month without creditable coverage
- Both penalties are permanent — you pay them for life
- Exceptions: employer coverage, TRICARE, VA benefits
- Enroll during your Initial Enrollment Period to avoid penalties