If you are considering declining Medicare Part B there are several things you need to know before dropping the coverage. If you make mistakes when it comes to Medicare Part B, Social Security can charge you a premium penalty surcharge that can become very expensive. Here is what you need to know about declining Medicare Part B.

In 2006 the monthly premium for Medicare Part B is $88.50. For some folks this is downright expensive. If you have other health insurance coverage there are certain situations where you can drop Part B and re-join later with no penalty. If you do not meet the requirements for this special enrollment and your State will not pay the premium for you, declining the coverage may be your budget