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 havesigned up), plus the standard Part B monthly premium ($174.70 in 2024).
$174.70 (2024 Part B standard premium)
+ $34.94 (20% [of $174.70] late enrollment penalty)
$209.60 will be your Part B monthly premium for 2024. This amount is rounded to the nearest $.10 and includes the late enrollment penalty.
