If you don’t sign up for Part B when you’re first eligible, you may have to pay a late enrollment penalty.
How much does Part B cost?
In 2018, most people will pay the standard premium amount of $134 for Medicare part B. However, if you had Medicare Part B prior to 2018, are receiving Social Security benefits, and have your Part B premium deducted from your Social Security check, you may pay less. On the other hand, if your modified adjusted gross income is above a certain amount, you may pay an Income Related Monthly Adjustment Amount (IRMAA). Medicare uses the modified adjusted gross income reported on your IRS tax return from 2 years ago (the most recent tax return information provided to Social Security by the IRS).
The total Medicare Part B premiums for high income beneficiaries for 2018 are shown in the following table:
Late enrollment penalty:
In most cases, if you don’t sign up for Part B when you’re first eligible, you’ll have to pay a late enrollment penalty for as long as you have Part B. Your monthly premium for Part B may go up 10% for each full 12-month period that you could have had Part B, but didn’t sign up for it. Also, you may have to wait until the General Enrollment Period (from January 1 to March 31) to enroll in Part B, and coverage will start July 1 of that year.