Medicare late enrollment penalties are no joke.

They can increase your monthly premium substantially for the rest of your life.

When Are You Supposed to Sign Up for Medicare?

A man receives a vaccine from his doctor.

Need a refresher onhow Medicare works? Check out answers to seven common Medicare questions.

you’re able to onlysign up for Medicareat certain times.

Your initial enrollment period is a seven-month window around your 65th birthday.

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It begins three months before you turn 65 and extends three months after your birth month.

If youre already receiving Social Security retirement benefits, youre automatically enrolled in Medicare when you turn 65.

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Some people choose to delay Medicare if theyre still working.

For most people, thats the rest of their life.

In 2023, the Part B premium is $164.90.

And remember, the standard Part B premium typically increases slightly each year.

So youll payat least$230.86 per month for as long as you have Part B coverage.

Small workplaces arent required to continue your health care coverage once youre eligible for Medicare.

Neither does VA health care benefits.

After your employment-based coverage ends, youll qualify for a special enrollment period.

During this time, you’re free to sign up for Medicare without facing a premium penalty.

Many Medicare plans offer little to no monthly premiums.

How Much Is the Part D Late Enrollment Penalty?

That number is rounded to the nearest 10 cents and then added to your monthly Part D premium.

When you enroll in Medicare drug coverage, tell the provider about your previous creditable coverage.

Otherwise, you may still get slapped with a late enrollment penalty.

Extra Helpis Medicares prescription subsidy program for people with low incomes.

If you qualify for Medicaid services, you generally qualify for the Extra Help program.

Youll have to pay the higher premium for twice the number of years you didnt sign up.

Why Does Medicare Charge Late Enrollment Penalties?

That in turn would increase the price of premiums for everyone enrolled in Medicare.

Rachel Christian is a Certified Educator in Personal Finance and a senior writer for The Penny Hoarder.

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