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Ashford Insurance

Part B Late Enrollment Penalty

Part D Medicare Made Easy

Part B Late Enrollment Penalty

If you didn’t get Part B when you’re first eligible, your monthly premium may go up 10% for each 12-month period you could’ve had Part B, but didn’t sign up. In most cases, you’ll have to pay this penalty each time you pay your premiums, for as long as you have Part B. And, the penalty increases the longer you go without Part B coverage.

Usually, you don’t pay a late enrollment penalty if you meet certain conditions that allow you to sign up for Part B during a Special Enrollment Period. Read more about different situations that may affect when you decide to get Part B.

If you have limited income and resources, your state may help you pay for Part A, and/or Part B. You may also qualify for Extra Help to pay for your Medicare prescription drug coverage.

Example

Your Initial Enrollment Period ended in December 2016. You waited to sign up for Part B until March 2019 during the General Enrollment Period. Your coverage starts July 1, 2019. Your Part B premium penalty is 20% of the standard premium, and you’ll have to pay this penalty for as long as you have Part B. (Even though you weren’t covered for a total of 27 months, this included only 2 full 12-month periods.)

Learn How Medicare Works Here

Need help? Call us for an appointment at (817) 952-3153

Shanelle Reyes has been a Texas licensed insurance agent since 2008. Her specialty for several years was selling life insurance where she enjoyed helping families plan for the future.

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(817) 952-3153

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Weekends & Evenings by Appointment

Address 1245 Southridge Court Suite 101, Hurst, TX, 76053

* A licensed sales agent may call or e-mail as a result of completing the information to discuss Medicare Advantage, Prescription Drug Plans or Medicare Supplement Insurance.

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