Medicare Basics: When to Sign Up and What It Costs

When to enroll

Your initial enrollment period lasts 7 months: the 3 months before the month you turn 65, that month, and the 3 months after. If you or your spouse are still working with employer health coverage, you may be able to delay Part B without a penalty—check with your employer and Medicare first.

2026 costs

• Part B standard premium: $202.90 a month (higher incomes pay more)
• Part B deductible: $283 a year
• Part A hospital deductible: $1,736 per benefit period

Original Medicare or Medicare Advantage

Original Medicare (Parts A and B) lets you see any doctor who takes Medicare; most people add a Part D drug plan and often a Medigap supplement to cover deductibles and coinsurance. Medicare Advantage (Part C) plans bundle coverage, often with lower premiums but provider networks and different out-of-pocket costs. Compare plans each fall during open enrollment, October 15 to December 7.

Higher incomes pay more

If your income from two years earlier is above certain levels, you pay an extra amount for Parts B and D (called IRMAA). Large IRA withdrawals or Roth conversions can raise your premiums two years later, so plan them carefully.

Plan for the gap

If you retire before 65, budget for health insurance until Medicare starts—through a former employer, a spouse’s plan, or the Health Insurance Marketplace.