It’s important to sign up for Medicare coverage during your
Initial Enrollment Period, unless you have other coverage that’s similar in value to Medicare (like from an employer). If you don’t, you may have to pay an extra amount, called a late enrollment penalty.
Late enrollment penalties:
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- Are added to your monthly premium.
- Are not a one-time late fee.
- Are usually charged for as long as you have that type of coverage (for most people, that’s a lifetime penalty). The Part A penalty is different.
- Go up the longer you wait to sign up – they’re based on how long you go without coverage similar to Medicare. Find out when you should sign up to avoid penalties.
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Part A late enrollment penalty
This information comes from CMS https://www.medicare.gov/basics/costs/medicare-costs/avoid-penalties
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