How to Prevent Paying Medicare Late Enrollment Penalties
Some clients get penalties without even knowing due to Medicare’s late enrollment. Usually, clients forget to enroll during the initial enrollment period. Sometimes, clients intentionally delay their enrollment in getting any special enrollment period because they are still working at 65 but fail to achieve further incentives. An individual could face Medicare late enrollment penalties for Part A, Part B, and Part D; knowing how to bypass these penalties is crucial. Learn about the consequences of Medicare late enrollment penalty and how to avoid additional costs. Understand the penalties for late enrollment in Medicare and take steps to ensure timely enrollment.
Parts of Medicare, Which Can Cost You Late Enrollment Penalties
Medicare Part A, Part B, and Part D can incur late enrollment penalties if you delay your premium submission. If you are late to register and fail to get a Special Enrollment Period, you could pay premiums based on the coverage you select and when you register it. We have given below brief information regarding penalties for delaying the submission of your premium.
Medicare Part A Premium Penalty
- The penalty is 10 percent if you have to pay a premium.
- You have to pay twice the time of year you delay enrollment.
Medicare Part B Premium Penalty
For the delay of the 12 months for enrollment, the penalty for Part B is 10%.
- In most cases, you have to pay the penalty monthly for as long as you have Part B.
- If you are under 65 and disabled, the penalty will stop after you hit 65, as you will have another initial enrolment period, depending on your age.
Medicare Part D Premium Penalty
- The monthly penalty for delayed enrollment is 1 percent of the total part D premium.
- You pay the penalty as long as you register for Part D.
Tips To Prevent Late Enrollment Penalties
- To prevent Medicare’s late-enrollment penalties, you need to do your utmost. Here is a bunch of tips.
- Be sure you register during your initial enrollment when you are finally eligible. If you certify for a Special Enrollment Period, Ensure your employer coverage is considered creditable for Parts B and D.
- Get documented coverage to provide evidence of getting drug coverage by prescription.
- Sign up for Part D within the first two months of the special enrollment period.
You can learn more about late enrollment penalties through our customer care service. However, you should contact us at NewMedicare personally if you are uncertain whether you need to enroll promptly after you turn 65 or if you can postpone.
