Yes, you can face significant financial penalties if you don’t register for Medicare on time. These penalties can permanently increase your monthly premiums and create gaps in your coverage.
For Medicare Part B, the late enrollment penalty is 10% of the current premium for each full 12-month period you delay enrollment. For example, if you wait 24 months to enroll, you’ll pay 20% more than the standard $202.90 monthly premium for as long as you have Part B. This means an additional $40.58 per month, or nearly $500 extra per year.
Your initial enrollment period spans seven months: three months before your 65th birthday, your birth month, and three months after. Missing this window triggers penalties unless you qualify for a Special Enrollment Period due to employer coverage.
Medicare Part D also carries a late enrollment penalty if you go 63 days or more without creditable prescription drug coverage after becoming eligible. This penalty is calculated by multiplying 1% of the national base beneficiary premium by the number of months you delayed, then adding it to your monthly Part D premium permanently.