What is the late enrollment penalty for Medicare Part B?

The late enrollment penalty for Medicare Part B is established to encourage timely registration and ensures that individuals enroll during their initial eligibility period. If someone delays their enrollment in Medicare Part B for a full 12-month period without qualifying for a special enrollment circumstance, they will face a penalty of a 10% increase in their premiums for each complete year of delay.

This means that if a person delays enrolling for two years, for example, they will incur a 20% penalty on their monthly premium. This penalty is added to the standard premium amount and continues for as long as the individual remains enrolled in Medicare Part B. It serves as a financial incentive to avoid unnecessary delays in enrolling, which can lead to higher costs over time for those who need Part B coverage.