Medicare Penalty and IRMAA Calculators

Signing up for Medicare late can cost you every month for the rest of your life, and a higher income can raise what you pay. These free calculators give you a quick estimate. If the numbers surprise you, call us before you retire or drop other coverage. We'll check the timing with you at no cost.

Part B Late Penalty Part D Late Penalty IRMAA (Income Surcharge)

Turning 65 soon? Get our free Turning 65 in South Carolina Medicare checklist, a month-by-month guide to signing up on time.

Part B Late Enrollment Penalty Calculator

If you didn't sign up for Part B when you were first eligible, and you didn't have job-based coverage from a current employer, Medicare adds 10% to your Part B premium for each full 12 months you went without it. In most cases you pay that penalty for as long as you have Part B.

Month you turned 65 Or the month your Medicare eligibility started

Month your Part B started (or will start)

After you turned 65, were you covered by a health plan from a job you or your spouse were still working at? No Yes

COBRA, retiree coverage and Marketplace plans don't count as job-based coverage for this.

How this is figured

Your first chance to sign up runs for 7 months: the 3 months before the month you turn 65, that month, and the 3 months after. We count the months after that window ends until your Part B starts. Each full 12 months adds 10%. If you were covered by a plan from current work, those months don't count, and you have 8 months after that coverage or job ends to sign up with no penalty. Social Security makes the final call.

Part D Late Enrollment Penalty Calculator

If you go 63 days or more in a row without Part D or other creditable drug coverage after your first chance to sign up, Medicare adds a penalty to your drug plan premium. It's 1% of the national base premium for each full month you went without coverage, and it usually lasts as long as you have Part D.

Month you turned 65 Or the month your Medicare eligibility started

Month your drug coverage started (or will start) A Part D plan or an Advantage plan with drug coverage

After you turned 65, did you have creditable drug coverage? Like an employer, union, VA or TRICARE plan that sent you a notice saying it's creditable No Yes

How this is figured

We count the full months with no Part D and no creditable drug coverage, starting after your first sign-up window ends (or after your creditable coverage ended). Gaps shorter than 63 days don't count. The penalty is 1% of the national base beneficiary premium for each of those months, rounded to the nearest 10 cents. The base premium changes every year, so the penalty can change too. People who get Extra Help don't pay this penalty. Medicare makes the final call.

IRMAA Calculator: Medicare Income Surcharge

If your income is above a certain level, you pay more for Part B and Part D. This extra amount is called IRMAA (income-related monthly adjustment amount). Social Security bases it on your tax return from two years earlier.

Tax filing status

Modified adjusted gross income

Lowering IRMAA after retirement

Your IRMAA is based on income from two years ago, which can be much higher than what you earn after you retire. If your income dropped because of a life-changing event, like retiring, cutting back your work hours, marriage, divorce or the death of a spouse, you can ask Social Security to use a more recent year with form SSA-44. We can walk you through it.

These calculators give estimates for general education only. Social Security and Medicare decide your actual premiums and penalties. Mauldin Insurance Group is a licensed independent agency in Lexington, SC and is not connected with or endorsed by the U.S. government or the federal Medicare program.