Part B Late Enrollment Penalties

Part B late enrollment penalty

Generally, you won’t have to pay a Part B penalty if you qualify for a Special Enrollment Period. Learn more about Special Enrollment Periods.
You’ll pay an extra 10% for each year you could have signed up for Part B, but didn’t.
You may also pay a higher premium depending on your income.

Example:
If you waited 2 full years (24 months) to sign up for Part B and didn’t qualify for a Special Enrollment Period, you’ll have to pay a 20% late enrollment penalty (10% for each full 12-month period that you could have signed up), plus the standard Part B monthly premium ($164.90 in 2023) ($174.70 in 2024).

$164.90 (2023 Part B standard premium) ($174.70 in 2024)
+ $32.98 (20% [of $164.90] late enrollment penalty) ($34.94 in 2024)

$197.90 will be your Part B monthly premium for 2023. ($209.60 in 2024) This amount is rounded to the nearest $.10 and includes the late enrollment penalty.

This information comes from CMS https://www.medicare.gov/basics/costs/medicare-costs/avoid-penalties

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Part B late enrollment penalty

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