The Part D late enrollment penalty is the permanent fee added to a Medicare beneficiary’s monthly prescription drug token as a penalty for not having a prescription drug cover for 63 days or more. This penalty fee is issued to beneficiaries who delayed their enrollment till the enrollment period lapsed. Likewise, those who didn’t get a credible prescription drug cover while they were eligible. 

Unfortunately, this penalty fee remains permanent as long as you remain a Medicare Part D beneficiary. Luckily, this article explains how you can avoid this penalty fee to enjoy Medicare advantage plans 2022.

Below are four ways Medicare applicants can escape the Part D late enrollment penalty 

  • Enrol for the Medicare Drug Cover on Time

Your first option is not to fall victim at all. The Initial Enrollment Period (IEP) is the first opportunity to enrol for a Medicare Drug Cover. This period is a 7 months period that spans beginning from 3 months before an individual’s 65th birthday to 3 months after the birth month. 

Individual’s with unique situations or still working at the Initial Enrollment Period may qualify for a Special Enrollment Period after the initial period.

  • Sign Up for Medicare Drug Coverage when You Lose other Credible Coverage

Most individuals with jobs have credible coverages through their employers. Practically, they are eligible to enrol for Medicare Drug Coverage when they lose their jobs or retire from the job. An applicant should enrol for the Medicare Drug Coverage within 63 days of leaving the job.

  • Enrol for a Low-cost drug plan even if not needed

The biggest mistake you can make as a new beneficiary is to fail to enrol for a drug prescription plan when you are eligible. Therefore, it is advisable that rather than risking being without cover and incurring a chunk of fees in the future, one should enrol on a low-cost plan. Most times, no one knows what health issues might arise in future. So it’s better to have and not need it than not to have it and need it.

  • Sign Up for the Extra Help Program 

The last way to avoid the hefty late enrollment penalty is to enrol for the Extra Help Program. This program is a form of assistance by the government to help persons with little financial capability to enrol for Medicare prescription drug costs. Individual’s enrolled in this program will not have to pay late enrollment fees.

Obviously, all options speak about enrolling in due time to avoid the Medicare Part D late enrollment penalty. It is better to have a health plan and not need it than to need it and not have it. Please consult a licensed and qualified insurance agency today to determine what plans are available for you and what it entails.

Conclusively, it’s time to start preparing for Medicare advantage 2022. It begins from October 7th to December 7th. Don’t miss it, as you can change your Part D Drug plan in this period.


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