Many people without any health insurance that are in excellent health condition wonder if they should enroll in Medicare Part B (Medical Insurance) and Medicare Part D (Prescription drug).\u00a0 New clients tells me all the time that they don\u2019t want to buy Part B or Part D because they don\u2019t need it right now.\u00a0 Also, many people believe they are saving the government money by not signing for these parts because they are not using the benefits.\u00a0 The truth is that any insurance (car, home, health, etc.) only work when a large number of people join the plan and less people use the benefits.\u00a0 The more people in excellent health that join a plan, the less it will cost for everyone (that is why all car insurance companies always want good drivers).\u00a0\u00a0 The Late Enrollment Penalty encourage people to join the plan even when they are not using the benefits.\u00a0 Remember, these penalties do not apply to you if you are enrolled in a \u201cCreditable\u201d (as good or better than Medicare) health insurance plan like an employer group or union coverage.<\/p>

Enrollment penalties:<\/span><\/strong><\/p>

1. Delay enrollment for Part B (Medical Insurance)<\/li>
2. Delay enrollment for Part D (Prescription Drug Coverage)<\/li><\/ol>

   So, what is the cost of the penalties?<\/strong><\/p>

   For Part B, the penalty is an additional 10% of the Part B premium for every year that you do not have Medical insurance since you first became eligible for Medicare.\u00a0\u00a0 For example, the Part B premium in 2023 was $164.90 per month.\u00a0 If you delay Part B for 5 years, your Part B premium will increase by $82.45 (10% of $164.90 times 5 years or $16.49 x 5 years = $82.45).\u00a0 Your total Part B premium would has been $247.35 ($164.90 + $82.45=$247.35).<\/p>

   Read on Medicare.gov about the Medicare Part B (Medical Insurance) Late Enrollment Penalty<\/a>.<\/p>

   Fort Part D, the penalty is an additional 1% of the \u201cnational base beneficiary premium.\u201d\u00a0 \u00a0 This penalty is accumulated per month and is added to your monthly Part D premium.\u00a0 For more explanation o this penalty visit the Medicare.gov<\/a> website.\u00a0 \u00a0 The penalty never goes away unless you qualify for Low Income Subsidy (LIS) also known as Extra Help for Prescription Drug.\u00a0 LIS is additional help from the Federal Government for people with low income and low resources.\u00a0 See if you qualify for Extra Help and apply<\/a>.<\/p>

   Read what Medicare.gov says about the Medicare Prescription Drug (Part D) Late Enrollment Penalty.<\/a><\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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   < Cost<\/a><\/strong><\/p>

   –Index<\/a>–<\/strong><\/p>

   OOP<\/a> ><\/strong><\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

   Late Enrollment Penalties < Cost –Index– OOP > Late Enrollment Penalties (LEP) Many people without any health insurance that are in excellent health condition wonder if they should enroll in Medicare Part B (Medical Insurance) and Medicare Part D (Prescription drug).\u00a0 New clients tells me all the time that they don\u2019t want to buy Part …<\/p>\n

   LEP<\/span> Read More »<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":744,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"_links":{"self":[{"href":"https:\/\/yourmedicareassist.com\/wp-json\/wp\/v2\/pages\/777"}],"collection":[{"href":"https:\/\/yourmedicareassist.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/yourmedicareassist.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/yourmedicareassist.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/yourmedicareassist.com\/wp-json\/wp\/v2\/comments?post=777"}],"version-history":[{"count":44,"href":"https:\/\/yourmedicareassist.com\/wp-json\/wp\/v2\/pages\/777\/revisions"}],"predecessor-version":[{"id":2575,"href":"https:\/\/yourmedicareassist.com\/wp-json\/wp\/v2\/pages\/777\/revisions\/2575"}],"up":[{"embeddable":true,"href":"https:\/\/yourmedicareassist.com\/wp-json\/wp\/v2\/pages\/744"}],"wp:attachment":[{"href":"https:\/\/yourmedicareassist.com\/wp-json\/wp\/v2\/media?parent=777"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}