What is the Medicare Part D Penalty
If you have gone without Part D or other credible drug coverage for a period of 63 days or more after your initial enrollment period. You may owe a Medicare Part D Penalty. What is the Medicare Part D Penalty –
With Medicare as with all insurance plans it is wise to know all the ins and outs before you start. If you find a knowledgeable insurance agent to help you sort things out, you will be ahead of the game. Here at Crowe and Associates our job is to help clients understand insurance. We want you to feel confident that you have chosen the right policy for both your health needs and your budget. That is why it is important that you are aware of any possible penalties that can cost you money.
The dollar amount of the penalty
Medicare will officially calculate your penalty based on the number of full months you went without coverage. The penalty is 1% of the national base beneficiary premium multiplied by the number of uncovered months and then rounded to the nearest $0.10. That amount will be added to your monthly part D premium. (Note: Since the national benchmark premium may increase each year, the penalty amount will also change accordingly.
You should mail both completed forms as well as supporting documentation to the address below:
MAXIMUS Federal Services
3750 Monroe Avenue, Suite 704
Pittsford, NY 14534-1302
Or faxed to:
Fax number: (585) 869-3320 or toll free fax number: (866) 589-5241
Do you have questions or need assistance navigating the Part D late enrollment penalty reconsideration process? Please contact the office at either 203-796-5403 or at admin@CroweAndAssociates.com if you have questions or require additional information about insurance.