Maximum Part D Enrollment Penalty

[openmindedone]

Has anyone figured out just how much the LEP would be for someone signing up this AEP, who has been eligible since part d began?

Also for someone already paying LEP, when the average price of a plan goes up so does their LEP, right?

Thanks!

 

[Fisher]

9 1/2 years times 34 cents per month comes out to just a little under 39 bucks for the LEP. Dealt with this exact scenario a couple of weeks ago. The case is not yet submitted so the actual folks who figure the penalty haven't had the chance to verify my math.

 

[sash]

I called Medicare to ask that exact question. Their answer was "we don't know". So if they don't know who does?

 

[MedicareAgent]

The penalty, I believe was put in place in 2006. Just count the number of months they have not had credible coverage and times it by .34 that is the best ballpark your gonna get.

 

[TwoCents]

Has anyone figured out just how much the LEP would be for someone signing up this AEP, who has been eligible since part d began?

Also for someone already paying LEP, when the average price of a plan goes up so does their LEP, right?

Thanks!

Since no one else is answering the 2nd part, yes, as long as the national average Part D premium goes up, the LEP will increase as well year to year.

 

[plannerman]

My thought was penalty started Jan 06. So if go on Jan 16 you have been without 120 months. .33 or .34 I have seen both figures x 120 gets you somewhere around $40. I spoke to a gal today who says I had to have Mutual of Omaha it's the best but I did not need Rx coverage. Now Rx is not worth what they want for it since I have a penalty. I guess I will switch to an MAPD so that I can "afford" prescription coverage. The logic of some prospects is simply mind numbing.

 

[DS4]

115 months,
1.15 X $34.10 = $39.24.