Your 65th birthday occurred in July, 2011 and you weren’t working. You decided you would only sign up for Part A (hospital benefit – no premium because you already paid into the system for this benefit) but wouldn’t sign up for Part B (outpatient benefits) because you didn’t want to pay the premium and felt you didn’t need it. Now you have discovered how high your out of pocket expenses are by not having Part B and want to sign up for it. Under Medicare enrollment rules you can contact Social Security (the administrative arm for Medicare) and let them know between January 1 and March 31st that you would like to enroll onto Medicare Part B; however, that benefit will not be active for you until July 1st. In addition you will pay a 10% penalty on top of your Medicare Part B premium for each year you were not on Part B. You will carry this penalty for as long as you are on Part B.
Make sure you understand the rules under Medicare and what your liabilities/options are before making any decision regarding your enrollment onto Medicare.