How to Avoid Penalties
Medicare Prescription Drug Plans are part of the complete senior health care package. These plans aim to save you from paying an arm and a leg for drugs prescribed by your doctor. Unfortunately if you are on Medicare and you don’t have one of these plans, you are subject to a monetary penalty until you enroll in a Medicare Part D plan. This penalty is what’s known as a “late enrollment penalty.”
To avoid this penalty:
1. Join a Medicare prescription plan when you first become eligible.
This is generally 3 months before the month you turn 65, during open enrollment, or if you qualify for a special enrollment period.
2. Don’t allow 63 days go by without prescription drug coverage.
The late enrollment penalty cost will depend on how long you went without a Medicare Prescription Drug plan.
Late enrollment penalty=
1% x the national base beneficiary premium x the number of months without a plan
To get more information about Medicare Supplement Insurance plans, talk to one of our Medigap plan representatives today or use our instant quote below.