Medicare Part D Late Enrollment Penalty 2024

Medicare Part D Late Enrollment Penalty 2024. Currently, the late enrollment penalty is calculated by multiplying 1% of the “national base beneficiary premium” ($34.70 in 2024) by the number of full, uncovered months that you were. Although it is voluntary, a late penalty may be imposed if part d is bypassed during the initial enrollment period.

Overview of what medicare drug plans cover. If you waited 2 full years (24 months) to sign up for part b and didn’t qualify for a special enrollment period, you’ll have to pay a 20% late enrollment penalty (10% for each full 12.