Late Enrollment Penalties for Medicare Pt 2
For instance, your first filing period ended on January 15, 2016, but you delayed until March 2018 to register during the general enrollment period. This period consist of 2 full 12-month periods. Therefore, your Medicare Part B fine is going to be 20% higher. You may have to pay this higher premium permanently while you are in Medicare unlike Medicare Part A. If your Medicare Part B is delayed because you are still working and insured by your employer or the employer of your spouse, you might not have to pay a late-entry Medicare fee so long as you enrolled during your special enrollment period.
Medicare Part D delayed registration fee
The late entry of Medicare Part D may apply if you are not enrolling for the first time and do not have other acceptable prescription protection for 63 days or more in a row. A creditable prescription drug insurance is another drug insurance that is expected to pay on average the same as the standard Medicare Part D insurance. Since this insurance is optional, this Medicare fine does not apply except you choose this insurance.
The Medicare Part D fee works differently and depends on how long you have not had acceptable prescription drug protection. It is calculated by multiplying 1percent of the national base user base rate (i.e. $ 35.02 in 2018) by the total number of complete months that you qualified for Part D of Medicare but chose not to join and there is no acceptable protection for the prescription drugs you had. This figure will be rounded to the nearest $.10 and will be added to your Medicare Part D fee. You may have to pay this late enrollment fee so long as you are signed to Medicare Part D.
If you qualify for the Extra Help (i.e. Low Income Subsidy) policy, you generally do not need to pay a late enrollment fee for Medicare Part D. To avoid a Medicare fee, make sure your prescription drug insurance is vulnerable if you are not enrolled in a Medicare Part D prescription drug policy. Your policy must inform you each year if your insurance is acceptable.
Some people believe they save money by not using Medicare drug insurance, especially if they are not taking many medications. However, your costs may be higher in the long term if you become sick and have to pay the full cost of prescription drugs. Keep in mind that the longer you wait to register, the higher the late enrollment fee.
You can obtain coverage from Medicare prescription drugs in two ways.
- Enroll in a separate Medicare Part D policy for prescription drugs.
- Register at www.medicareadvantage2019.org/bcbs-medicare-advantage-plans-for-2019 to get the Blue Cross Medicare Advantage plan.
If you do not have other acceptable prescription drug insurance, you can enroll in a simple Medicare Part D prescription drug policy at a low cost. Your broker can help you find a Medicare prescription that can meet your current needs and budget, and help you prevent the fee for late enrollment in the future.