Medicare late enrollment fines can cause your monthly premium to soar for your entire lifetime. The federal government may apply a penalty for each month you are covered by Medicare.
Knowing your choices and the mechanics behind these fines for not enrolling on time is crucial to dodge overpriced premiums during your twilight years. Medicare offers specific periods for enrollment, with the primary period stretching seven months around your 65th birthday. This includes three months prior to turning 65 and three months following the date. Fortunately, if you’re a beneficiary of Social Security, you’ll be automatically signed up for Medicare as you hit 65. However, you could face a 10% fine for every year you failed to enroll in Medicare Part B during this initial window. Once saddled with the Part B fine, it’s typically irreversible, affecting you for the remainder of your life.
Yet, there is reassuring news – if you benefit from “creditable coverage,” you have the opportunity to defer enrollment in Medicare Part B without incurring fines.
