How to Avoid Medicare’s Late Enrollment Penalties!

Key Takeaways

• If you fail to enroll in Medicare Part B when first eligible and do not have creditable employer coverage, you may face a permanent late enrollment penalty equal to 10% for each full 12-month period you delayed.

• Delaying Medicare Part D enrollment without having creditable prescription drug coverage results in a permanent monthly penalty of 1% of the national base premium for every month you were late.

• Beneficiaries who must pay a premium for Medicare Part A can face a 10% penalty added to their monthly premium for twice the number of years they delayed enrollment.