The late enrollment penalty for Medicare Part D is at least an extra 1% of the national average premium. This amount will be added to your premium for EACH month that you delay enrolling in a Medicare Part D prescription drug plan or are without creditable drug coverage. And pleas note, you will pay this penalty for as long as you continue to have Medicare Part D prescription drug plan coverage.
So, If You Delay for 2 Years (24 Months), Your Medicare Part D Premiums Will Always be at Least 24% More Than Those Who Enrolled for Medicare Part D During Open Enrollment Pay.
For 2016 the national average premium is $34.10. So each month you go without coverage add 34 cents (1% of $34) to your monthly premium.
For example, if you signed up for Medicare Part D during open enrollment in November or December 2015 (so that coverage began on January 1, 2016), and you had been without creditable drug coverage for 24 months after first becoming eligible to join Medicare Part D, your penalty in 2016 would be $8.16 a month or $97.92 a year on top of your regular Medicare Part D premiums.
So why wait? Get at least some coverage now in case you need it and you will not incur the penalty for late enrollment. You can switch plans later as your needs change.
For more information on how Florida Medicare Supplement Insurance can help with your Medicare Part D prescription drug plan needs call Neil Primack (561) 935-3907 or email him at: firstname.lastname@example.org.