You can sign up for Medicare Part B late, but there may be penalties.
If you do not enroll in Medicare Part B when you first become eligible, you can enroll during the open enrollment period from January 1 and March 31 each year. If you sign up during this period, your plan will become effective July 1. You will be charged an additional 10% on your premium for every 12 months you went without coverage.
However, if you didn't enroll because you were covered by a different insurance plan, you can sign up during the eight months following the end of that plan without a penalty.
Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
Yes, however, the best time to sign up for Part B is during your initial enrollment period when you turn 65.
If you choose not to enroll in Part B when you're first eligible, you can enroll during the General Enrollment Period - January 1st to March 31st of each year. When you do this, the effective date will be July 1st.
You may be subject to a late enrollment penalty if you don't sign up when you're first eligible: an additional 10% is added to your premium for every year you did not have the coverage. You can avoid this penalty if you qualify for a special enrollment period - the most common way this happens is coming off of a group plan. A special enrollment period is an 8-month window to enroll in Part B without the penalty being tacked on to the premium. If you enroll during this 8-month window, the effective date would become the first day of the following month.
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If you do not enroll in Medicare Part B when you first become eligible, you can enroll during the open enrollment period from January 1 and March 31 each year. If you sign up during this period, your plan will become effective July 1. You will be charged an additional 10% on your premium for every 12 months you went without coverage.
However, if you didn't enroll because you were covered by a different insurance plan, you can sign up during the eight months following the end of that plan without a penalty.
If you choose not to enroll in Part B when you're first eligible, you can enroll during the General Enrollment Period - January 1st to March 31st of each year. When you do this, the effective date will be July 1st.
You may be subject to a late enrollment penalty if you don't sign up when you're first eligible: an additional 10% is added to your premium for every year you did not have the coverage. You can avoid this penalty if you qualify for a special enrollment period - the most common way this happens is coming off of a group plan. A special enrollment period is an 8-month window to enroll in Part B without the penalty being tacked on to the premium. If you enroll during this 8-month window, the effective date would become the first day of the following month.