Eliminate Medicare Part D Penalty With These Pro Tips
If you're worried about incurring a costly Medicare Part D penalty, you're not alone—but with the right strategies, you can eliminate this financial burden and enjoy peace of mind by exploring various options available to you.
Understanding the Medicare Part D Penalty
Medicare Part D provides prescription drug coverage, and while it's a crucial part of healthcare for many seniors, missing the enrollment deadline can result in a penalty. This penalty is applied if you go without Part D or other creditable prescription drug coverage for 63 consecutive days or more after your Initial Enrollment Period ends. The penalty is calculated by multiplying 1% of the "national base beneficiary premium" ($32.74 in 2023) by the number of full, uncovered months you were eligible but didn’t join1.