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The Medicare Part B Penalty
The Part B penalty is nasty and it can add up quick. If you don't enroll in Part B when your entitlement begins you will start to accrue a penalty. The Part B penalty is 10% of the Part B premium for each year you go without Part B.
The penalty is triggered when you finally sign up for Part B. The penalty is paid monthly and it never goes away for as long as you have Part B. We believe that everyone will have a need for medical care in their senior years and that it is ALWAYS best to sign up as soon as you are eligible.
Here are some examples of the Part B penalty in action...
There are only two different times you can enroll in Part B. The first is your Initial Enrollment Period. This happens around your 65th birthday. The second is during the General Enrollment Period which runs between January 1st and March 31st every year. See our section on enrollment periods for more information.
We can't stress enough that you should ALWAYS get your Part B when you are first eligible to get it. If the cost of Part B is holding you back from getting it, you can request a call from one of our agents. We can try to find you a Medicare Advantage Plan with a large giveback to offset your Part B premium. You can learn more about this strategy on the next page.
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