The Medicare Part B late enrollment penalty is added to your Part B premium if you delay enrolling in Part B when you are first eligible and do not have other creditable coverage. The penalty is 10% of the standard Part B premium for each 12-month period you were eligible but not enrolled. The penalty is permanent.
Key Points
- Part B late enrollment penalty: 10% per 12-month period without coverage
- Penalty is permanent — you pay it for life
- Applies if you delay Part B enrollment without other creditable coverage
- Employer coverage with 20+ employees: no penalty for delaying Part B
- An independent agent can help you understand Part B enrollment rules