When Can You Be Penalized for Lack of Part D Medicare Coverage?

Medicare is serious about you being enrolled for insurance coverage for prescription drugs, so serious that if you don’t do so when you should you could face a penalty fee.  To encourage people to enroll when necessary to get the benefits available Medicare Part D coverage must be enrolled in when it is first available.  There are a couple of caveats to this and these are listed below with a brief description of the reasoning for both.

You are subject to a penalty unless you enroll in the Medicare Part D coverage when you first become available for the coverage.  This means in the enrollment period during the first year that you are eligible you enroll in the coverage that is required of you.  Make sure you understand the enrollment process to get this done right and try to get an expert to walk you through it to make sure that you do not make any mistakes.

The only other way to avoid the penalty for not enrolling in the Medicare Part D coverage is to have creditable prescription drug coverage of another sort.  You could have prescription drug coverage that is provided by another insurance entity and as long as it is comparable to your potential Medicare Part D coverage you are in possession of creditable coverage.  If you are enrolled in another prescription drug coverage and are of age to have Medicare Part D you will receive a yearly notice to advise that you have creditable coverage.

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