How Good RX Can Help You Save Your Money with Medicare Part D
Toni discusses the Donut Hole, Medicare Part D Deductible changes in 2024, and the new Catastrophic Coverage Medicare Rule!
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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.
Readers: Do NOT wait past 63 days to get Medicare Part D upon leaving company health insurance!
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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Originally published May 01, 2024