Who Gets a Special Enrollment Period for Medicare Part B?
Once you leave the workforce and enter retirement, Medicare is what you'll rely on for healthcare coverage. Medicare eligibility kicks in at age 65, and your initial window to sign up begins three months before the month of your 65th birthday, and ends three months after that month. If you don't sign up during your seven-month initial enrollment period, you can sign up during the general enrollment period of January 1 through March 31 of each year.
But here's the problem: If you sign up late for Part B, which covers preventive and diagnostic services, you'll face a penalty that adds 10% to your monthly premiums for it for life. That penalty will kick in if you go 12 months without Part B upon being eligible.
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