Avoiding the $10,000 Medicare Penalty

Avoid Medicare late penalties
Medicare’s Initial Enrollment Period lasts 7 mo, starting 3 mo before 65 and ending 3 mo after.
Missing Parts B and D deadlines can trigger lifelong penalties: premiums cost 10% more per 12 mo delayed.
Example: enrolling at 68 means 30% penalty
Monthly premium: $241.89 → $314.46
Yearly extra: $870.84
12-yr extra: $10,450
Some exemptions can avoid penalties, including certain employer coverage, serious illness, VA coverage, Medicaid, or creditable drug coverage.
If you miss the initial window, apply during the General Enrollment Period: Jan. 1 through March 31.
I’m seeing a common retirement planning pitfall: missing Medicare enrollment can create lasting extra costs. The key is knowing the enrollment windows, understanding exceptions, and acting quickly if you miss the first deadline.