10 Biggest Retirement Mistakes: #8. Failing to Sign Up for Medicare Part B on Time

Once you are eligible for Medicare, you must enroll in Medicare Part B, which covers doctor’s visits and outpatient services, within three months of turning 65 or incur a late-enrollment penalty that permanently boosts your Part B premium by 10% for every year you delay.

The penalty is waived if you have health insurance from your or your spouse’s current employer, but is retroactive if you don’t enroll soon after your coverage ends.