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how much is the Late Fee for buying MEDICARE Part D after having bought Part B?

+1 vote
asked Oct 23, 2013 in Health Insurance by anonymous
   

2 Answers

+5 votes
It depends upon how many months "late" you are for buying the Part D plan.  According to Medicare's website, the late enrollment penalty is calculated by multiplying 1% of the "national base beneficiary premium" ($32.42 in 2014; $31.17 in 2013) times the number of full, uncovered months you were eligible but didn't join a Medicare Prescription Drug Plan and went without other creditable prescription drug coverage. The final amount is rounded to the nearest $.10 and added to your monthly premium.
answered Nov 7, 2013 by LRiddell Member (660 points)
+3 votes
and that amount is added to your drug plan premium each and every month for the rest of our life, as the law stands now (except in certain subsidized situations).
answered Dec 18, 2013 by Mark Trezise / TREZISE INSURANCE / 903-7

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