If you did not enroll in Part D of Medicare, you may owe a late enrollment penalty if your initial enrollment period is over and there has been more than a 63 day gap.
Part D late enrollment penalty | Medicare.gov.
You can avoid the penalty in some cases if you have creditable prescription drug coverage.
The penalty is based on the how long you were not covered once you were eligible. It may not seem like a lot, however you may have to pay the penalty as long as you have the Medicare drug plan.
We encourage customers not only to get on a drug plan to avoid the penalty, but for other reasons. For instance, most people tell us they don’t take that many prescriptions, so they don’t need a drug plan. Can’t argue with that. But what happens, God forbid, if you get diagnosed with a serious illness … like a cancer or diabetes where you have to take an expensive drug. There is only one time a year when you can enroll in a Medicare drug plan. If you did not enroll, you are OUT OF LUCK! You have to pay out of pocket for all those drugs until the next years open enrollment. All you will be able to get is a discount at best on those prescriptions. Trust me, it is a sad day when that happens.
We recommend getting a base plan as a safety net; 1. To avoid the penalty and 2. So that in the event of a major illness you at least have some prescription coverage.
We are here to answer any questions, or provide enrollment forms for Part D of Medicare, feel free to call 877-740-8683.