Enrolling in Medicare Part D
Enrolling in Part D
Medicare Part D is an optional part of Medicare. In order to enroll, you enroll during the Initial Enrollment Period when you also enroll in Parts A and B. The Initial Enrollment Period is for people who are newly eligible for Medicare when they turn 65. It’s a 7 month window including 3 months prior to your birthday month, your birthday month, and 3 months after. If you miss this window and don’t enroll in Part D, you’ll have to pay a late fee.
Get A FREE Quote
For all your Medicare questions and health needs, contact Modern Senior Benefits today.
Part D Late Fee
In order to avoid a late fee, you have to enroll in Medicare Part D during the Initial Enrollment Period. If you miss this window, you’re subject to the late fee.
This fee is calculated by multiplying 1% of the “national base beneficiary premium”, which was $32.74 in 2020, by the number of full, uncovered months that you were eligible for a Medicare drug plan or other creditable drug coverage but didn’t join. The final amount is then rounded to the nearest $0.10 and added to your monthly premium. You have to pay this new monthly premium for the rest of the time you’re enrolled in Part D.
For example, if you went without coverage but were eligible for 9 months, you would multiply 9 months by 1% of $32.74, equalling $2.95. Rounded to the nearest $0.10, you would pay an extra $3.00 per month for Part D for the rest of your life. While this doesn’t sound like a lot, it’s an easily avoidable fee if you pay attention to the enrollment periods.
Summary
To get Medicare Part D, you have to enroll during the Initial Enrollment Period. If you don’t, you’ll have to pay a late fee based on how many months you were eligible but didn’t get it. Learn more about Medicare Part D and whether it’s right for you with Modern Senior Benefits.
