Final answer:
The statement "If individuals do not sign up for Medicare Part B when first becoming eligible and later decide to enroll, the monthly premiums may be higher due to penalties" is true.
Step-by-step explanation:
If individuals do not sign up for Medicare Part B when first becoming eligible and later decide to enroll, the monthly premiums may indeed be higher due to penalties. Medicare Part B is an optional insurance system that covers costs outside of hospital stays including physician services, medical tests, and outpatient visits. Participants are required to pay a monthly fee in addition to deductibles and copayments, while the government subsidizes about three-fourths of the overall costs for the program.
Enrollment in Medicare Part B is time-sensitive, and if someone misses the initial enrollment period, which occurs when they first become eligible, they might have to wait for the general enrollment period and could incur a late enrollment penalty. This penalty can lead to higher monthly premiums for as long as the individual remains enrolled in Medicare Part B. Thus, enrolling on time is crucial to avoid the extra costs associated with delayed registration.
Your question is incomplete, but most probably your full question was
If individuals do not sign up for Medicare Part B when first becoming eligible and later decide to enroll, the monthly premiums may be higher due to penalties.(T/F)