Tag - Medicare

Senior Couple dancing together knowing that they avoided the Part D Late Enrollment Penalty

What’s the Part D late enrollment penalty?

The late enrollment penalty is an amount that’s added to your Part D premium if, at any time after your Part D Initial Enrollment Period is over, there’s a period of 63 or more days in a row when you don’t have Part D or other creditable prescription drug coverage. Note: If you get Extra Help, you don’t pay a late enrollment penalty. How much is the late enrollment penalty? Currently, the penalty amount is calculated by multiplying the 1% penalty rate times the “national [...]

Senior couple now eligible for Medicare.

When can I join, switch, or drop a drug plan?

During your 7-month Initial Enrollment Period, when you first become eligible for Medicare. You can join a Medicare drug plan during the 7-month period that begins three months before you turn 65, includes the month you turn 65 and ends three months after you turn 65. If you join during 1 of the three months before you turn 65, your coverage will begin the first day of the month you turn 65. If you join the month you turn 65 or 1 of the three [...]