Medicare Part B
My wife and I failed to sign up for Medicare Part B when we were eligible due to its premium cost. At this time I also had another health insurance and we assumed that was sufficient .
Today I realized that was a huge mistake on our part. I know now there is a 10% penalty per year per person penalty to sign up for Part B. It has been 14 years since we did not sign up when we retired.
Are you aware of any exceptions to this 10% penalty that We can take advantage of today?
Terry Says
I think you’re talking about Part D — the drug program. And yes there is a monthly penalty when you ultimately do sign up. You might want to look for alternatives to purchase your meds — such as Good RX. But you’ll miss out on Medicare’s Part D annual spending cap — $2100 out of pocket for 2026.
If you’re really talking about Part B, there is no penalty for late signup — as long as you have other comparable “creditable” coverage, such as from an employer or union. Many people don’t sign up for Medicare Part B until they retire, many years after eligibility at age 65. If not, there is a 10% penalty. But you can appeal that if you feel your other coverage was “creditable.”
Read this: https://www.medicarefaq.com/faqs/medicare-part-b-late-enrollment-penalty/#4
So if I have mistaken your question, please write back to the email you receive saying your question was answered.
