How is the Part B late enrollment penalty calculated and Applied?

• A. 5% higher monthly premium for each year you delayed enrollment.
• B. A one-time fee added to the first premium after enrollment.
• C. 10% higher monthly premium for as long as Part B is held for each full 12-month period you could have had Part B but didn’t enroll.
• D. Penalty is waived if you have other credible coverage.

Answer: (C)