Part B provides medical coverage for outpatient services.
There is a Standard monthly premium for Medicare Part B enrollees. However, if you are considered high income you may be charged a higher premium. Contact Social Security to learn more.
If you don’t sign up for Part B when you are eligible, and do not qualify for a special enrollment period, a late enrollment penalty may be added to your monthly Part B premium.
- This penalty applies for as long as you’re on Medicare.
- The longer you wait to sign up for Part B, the higher this monthly penalty will be. For every 12-month period that you don’t sign up when you could have, your monthly premium can increase by 10% and maxes out at 100%, which is equal to 10 years.
- This penalty will be included as part of the premium you owe each month for as long as you have Medicare.