All you will need to understand about Medicare Late Enrollment Penalty.

It is important for you to understand different Medicare Advantage Plans come with different late enrolment period.
When you are not eligible to enroll in a given type of Medicare cover and you
do not, you will have to pay a late enrollment penalty period. Therefore, it is
a matter of utmost important to try to avoid these late enrollment penalties.

When you fail to enroll for the Medicare Part A when you are eligible,
you will have to pay 10% of its premium amount. 
It is also important for you to note that you will have to pay the
amount twice for the number of years eligible. Understandably, many people will
be eligible to enroll for the Medicare Advantage Plans for free. Another
Medicare Penalty is on Medicare Part B. In this type of Medicare, you will get
a 10% increase on the Part B premium for each full monthly period as a penalty.
The good news is that you can avoid this penalty.

 You can do so by enrolling in
the Special enrollment period when you are eligible in a given Medicare Advantage Plans. In the
Medicare Part D penalty, you will have to pay 1% of the average monthly
prescription drug premium. The amount will then be multiplied by the total
amount of months that you are late. The final price will be rounded off to the
nearest cents.

 It is also important to note
that you will accrue the penalty if you are not enrolled within the first three
months of either Medicare Part A or B. 
You should note that when you get the penalty, it will be permanent. You
will also have to clear the penalty while you are enrolled in a given drug
prescription plan. Another thing that will avoid the payment of this penalty is
if you have a health insurance through your job or spouse job. This will be
when you are eligible to sign up to Medicare Part B.

The good news is that you can avoid the Part D late enrollment penalty
with the given Medicare Plans.  One of
the ways would be by enrolling in a given Medicare
Advantage Plan when you are eligible. Another way would be by enrolling
straight away in Medicare drug coverage in an instance when you lose your other
creditable coverage. Some of the creditable coverage will include covers from
your employers, union, individual health covers, and more. The good news is
that your plan will tell you the year when the non-Medicare drug coverage is
creditable coverage.  You should also
maintain proper records when you have other creditable drug coverage. These
records will provide a proof of your given creditable prescription coverage. It
is will be another way of telling your Medicare plan cover about previous
enrollment.

In conclusion, the amount of money you will have to pay for late
penalty will add to your monthly premiums. It is therefore important for you to
consider enrolling at the much needed time.