Medicare Prescription Plan

How to Avoid Penalties

Late enrollment penalty

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 planstalk to one of our Medigap plan representatives today or use our instant quote below.

Medicare Supplement Insurance Plans Quote

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