If I wait to apply for Part B of Medicare insurance, will there be a fee?

If you do not enroll during your initial enrollment period for Part B coverage; you will have to pay a penalty fee along with your premium each month. Your initial enrollment period to enroll in Part B of Medicare is three months before you turn 65, the month you are 65, and three months after you turn 65. Your premium could increase by 10% for every twelve month period you wait to enroll.

If you are still working and your employer has insurance, you can apply for Part B up to eight months after you retire.