Understanding Medicare Penalties
Many people aren’t aware that there are penalties from the federal government for not enrolling in Part B (coverage for doctor visits and medical services) and Part D (coverage for prescription drugs) on time.
1. Part B Late Enrollment Penalty
If you don’t enroll in Part B when you’re first eligible, or don’t meet specific conditions that allow you to enroll later, you’ll pay a late enrollment penalty that’s added to your Part B premium when you do decide to enroll.
2. Part D Late Enrollment Penalty
If you don’t sign up for prescription drug coverage or have other credible drug coverage (coverage that’s as good as or better than standard Medicare Part D coverage) when you first become eligible for Medicare, you’ll pay a late enrollment penalty on your Part D premium when you do enroll.
It’s important to note that both of these penalties will continue for as long as you have Medicare, and that these penalties are in addition to the cost of your plan.
You can avoid these penalties by being aware of your enrollment deadlines and the options available to you. For example, one way to avoid the Part D late enrollment penalty is by enrolling in a Medicare Advantage plan, like a MyTruAdvantage Medicare plan, that includes drug coverage when you are eligible to enroll in Medicare.
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MyTruAdvantage is a Medicare Advantage plan founded by doctors and hospitals you know and trust, focused on the community and designed around you.