How To Avoid the DREADED Medicare Part D Penalty

It’s a mistake that’s all too common, and it comes with a lifelong penalty. Fortunately, Toni King is here to help! On this episode of Medicare Moments, Toni explains Medicare Part D and the Medicare enrollment periods that run throughout the year. Be careful not to become a victim of Medicare’s LEP!

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The Late Enrollment Period Penalty

The LEP (Late Enrollment Period) penalty for Medicare Part D can be charged to you because:

1. You waited 63 days without creditable prescription drug coverage upon leaving company benefits and are older than 65 years and 90 days.

2. Your company’s prescription drug benefits (not health insurance) were not “creditable” as Medicare declares.

Click HERE to find out more about “creditable” prescription drugs.

3. You never enrolled in Medicare Part D at the time you enrolled in Medicare Part A and Part B when you turned 65, and now want to enroll. 

Samuel, you were denied Medicare Part D prescription coverage because you met Medicare’s LEP (late enrollment penalty) rule. Unfortunately, you will receive the Part D penalty when you enroll during Medicare’s Annual Enrollment period. This penalty will last a lifetime.

Americans who plan to retire after 65, who are leaving their employer’s health plans and applying for Medicare Parts A and B, must also prove they have “creditable coverage” when applying for a Medicare Part D prescription drug plan. This is a Medicare rule. Don’t delay your Part D enrollment!

Contact Toni: Email the Toni Says® Medicare team at info@tonisays.com or call (832)519-8664 for all your Medicare questions!

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