What Happens If You Forget To Enroll In Medicare Part B For 2023

Oh no! Did you forget to enroll in Medicare Part B during your initial enrollment period? Don’t worry, it happens to the best of us. But unfortunately, if you don’t enroll in Part B during this seven-month window that starts three months before you turn 65 and ends three months after you turn 65, you may have to pay a late enrollment penalty if you decide to join later on. Yikes!

So, how does this penalty work? Well, it’s based on the number of months you didn’t have Part B coverage, and it’s added to your monthly Part B premium. And the bad news is that this penalty is permanent, meaning it’ll stick around even if you do eventually enroll in Part B. Let’s say you were eligible for Medicare but didn’t enroll in Part B when you were first eligible. Then, two years later, you decide to join. Because you missed your initial enrollment period, you’ll have to pay a late enrollment penalty. This penalty is calculated by multiplying the number of months you didn’t have Part B coverage by the national late enrollment penalty rate, which is currently 10% per month. So, if you were without Part B for 24 months, your late enrollment penalty would be 10% x 24 months = 240%. This means that your monthly Part B premium would be increased by 2.4 times the standard premium amount. Ouch!

To avoid this penalty, it’s generally a good idea to enroll in Part B when you’re first eligible, even if you have employer coverage. Trust us, your wallet will thank you later!

Don’t stress about choosing a Medicare plan! At YourMedicare by AYA and Associates, we’re here to make the process clear, simple, and easy to understand. If you have any questions or need guidance, just give us a call at 559-343-2333 or visit our video site at https://your.medicare247.org/. We’ll help you learn more about the basics of Medicare and set up an appointment with a specialist. No more confusion or frustration, just straightforward answers and support. So don’t hesitate, reach out to us today!