How much will my Medicare Part D late enrollment penalty be?
What is the Medicare Part D late enrollment penalty?
How is the Medicare Part D LEP calculated?
The late enrollment penalty is calculated by multiplying 1% of the “national base beneficiary premium” ($32.42 in 2014; $31.17 in 2013) times the number of full, uncovered months you were eligible but didn’t join a Medicare Prescription Drug Plan and went without other creditable prescription drug coverage. The final amount is rounded to the nearest $.10 and added to your monthly premium.
How will I know if I owe a Medicare Part D penalty?
Waugh Agency will help you determine whether or not you are likely to be assesed the LEP, and what the maximum is likely to be, and the Plan- working in coordination with CMS (Center for Medicare Services)- will tell you the final amount. You may have to pay this penalty for as long as you have a Medicare drug plan. Waugh Agency handles appeals with CMS and the plans we represent, as needed. Call us at (413)527-0300 or toll free (800)779-4090 today.