What Happens If You Miss the Medicare Enrollment Deadline?
Over 750,000 Americans miss their Medicare enrollment deadline every year. Here is what happens and how to fix it.
Part B Late Enrollment Penalty
10% of the standard premium for each 12-month period you were eligible but did not enroll. Two years late means 20% more per month, forever.
Part D Late Enrollment Penalty
1% per month without creditable drug coverage, compounded annually. Go 24 months without Part D and you pay extra every month for life.
How to Fix It
1. General Enrollment Period: January 1 – March 31, coverage starts July 1 2. Special Enrollment Period: If you had employer coverage, 8-month window after it ends 3. Medicare Savings Programs: May eliminate penalties for low-income beneficiaries Do not pay penalties for life. Call 813-863-5917 to see if you qualify for a Special Enrollment Period.