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.