Medicare Part D Penalty. Complete Medicare Resource Center here:
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Medicare Plan N –
QUICK AND EASY MEDICARE SUPPLEMENT QUOTES
This video discusses the Medicare Part D Penalty. We you first become Medicare eligible you have to option of buying a Medicare prescription drug plan to help offset the cost of prescription drugs. If you do not purchase a prescription drug plan at this time there will be a penalty accessed if you choose to purchase a prescription plan at a latter date.
The penalty equates to 1% increase for each month you wait. This still may not make sense to purchase a prescription plan if you do not currently take expensive medications.
The Medicare Part D Penalty will be added to the regular premium you will pay for the prescription drug plan. Make sure to watch the video so you will understand how the Medicare Part D Penalty works and how to best manage it.