I didn’t sign up for Part B when I first became eligible, but want to sign up now. I know there is a penalty for late enrollment. Is there any way to avoid the penalty?

If you missed your Part B enrollment window that correlates to your 65th birthday (initial enrollment period), which runs the three months before the month of your 65th birthday through the three months after the month of your 65th birthday, you could face a late enrollment penalty once you do enroll, which will be added to your premium costs for the remainder of your enrollment. The penalty equals 10% of the standard monthly premium for each 12-month period that you delayed enrollment.

If you did not enroll for Part B during your initial enrollment period, you may qualify for a Special Enrollment Period (SEP) to sign up for Part B (and/or Part A) within 8 months of leaving your employer based plan. If you sign up during this SEP and you were continuously covered by an employer based plan since turning 65, the late enrollment penalty will not apply.