Do You Want Medicare Medical Insurance (Part B)

Last reviewed or modified 07/29/2022
HLP-ISBA078-PARTB2
  • Signing up for Medicare Part B when you are first eligible (such as when you turn 65) makes sure that you have coverage when you need it.

  • Most people who do not sign up for Part B when first eligible can only enroll between January 1 and March 31 each year, with coverage starting the month after you enroll.

    • This may cause a gap in your coverage and you may have to pay a lifetime late enrollment penalty.

  • The penalty is added to your monthly premium and it increases the longer you wait. Your monthly premium will go up 10 percent for each 12-month period you were eligible for Part B but did not sign up for it.

  • If you are still working, you may have a chance to sign up for Medicare Part B without a penalty during a limited "Special Enrollment Period."
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