Q & A
What is the penalty for being a late enrollee to Medicare Part D?
Answer: The first challenge to being a late enrollee into Medicare Part D is that you have to wait until the open enrollment period to enroll in a plan. Again, that is Oct. 15 – Dec. 7 and coverage will commence on Jan. 1. The penalty you will be assessed for being a late entrant is 1 percent per month for each month you should have been enrolled in a plan. So if you are a year late you will assessed a 12-percent penalty, three years late is 36 percent, five years late is 60 percent.
Source: (www.northjersey.com)
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