To cancel Part B (or Part A if you have to pay a premium for it), you usually have to submit your request in writing and include your signature. If you (or your spouse) are still working when you turn 65, Medicare works a little differently. Do you need a refresher on the basics of Medicare? You can exclude yourself from Medicare, but you may lose your Social Security or Railroad Retirement Board benefits. In addition, if you reject Medicare coverage initially, you may have to pay a penalty if you decide to enroll later.
The Part B penalty is equivalent to 10% of the standard premium for each 12-month period you haven't been enrolled in, and you'll have to pay this penalty while you're enrolled in Medicare. The penalties for not enrolling when you qualify for Medicare for the first time depend on the part of Medicare. Some private insurance companies have rules that lower what they pay (or don't pay at all) for the services you receive if you're eligible for other coverage, such as Medicare. You may also qualify for a special enrollment period for Medicare parts A and B and avoid late enrollment penalties if you volunteered in a foreign country during your initial enrollment period.
