What is the penalty for not signing up?

What is the penalty for not signing up?

The penalty for late enrollment is 10% of the premium for Medicare Part B for each year that the individual should have had coverage. The penalty accrues as long as the individual receives Medicare benefits. 

You may sign up between January and March if you miss the initial enrollment period or the eight month window that begins once your or your spouse retire. In this case, coverage would begin on July 1.

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Each Medicare plan covers different drugs, and re-imburses different amounts.

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What is the penalty for not signing up?