No. You are not required to enroll in Medicare when you become eligible. However, if you do not enroll, it may be challenging to receive all of your Medicare benefits.

There are two main parts of Medicare to be aware of for this discussion – Part A, which is coverage for inpatient hospitalization services, and Part B, which is coverage for outpatient services (doctors, medical tests, etc.).

Medicare Part A: Assuming you collect Social Security when you turn 65 (you needn’t be collecting it, only eligible to), there will be no premium associated with Medicare Part A (thus no penalty if you delay claiming it).

Medicare Part B: There is a monthly premium associated with Part B, but if you have “creditable” healthcare coverage from an employer when you turn 65, you can defer enrolling in Part B until your employer coverage ends, and there will be no Late Enrollment Penalty for waiting.