What is the penalty if a Medicare Eligible person goes more than 63 days without Medicare Part D creditable coverage.
The penalty is typically 1% of the average cost of a Medicare Part D coverage for each month of delay.
Example: Mary waits 12 months before getting part D after she turns age 65. The penalty is roughly 1% of $35.63 or .36 cents times 12 months or $4.32/month added on to her Chosen Part D coverage for the rest of her life.
What is the penalty if a person doesn’t enroll in Medicare Part B when first eligible and they are not covered by a Group health plan from a company with 20 or more employees?
The penalty is 10% of the Medicare Part B premium for each 12 months (year) they should have been on the plan.
Example: Paul waits 2 years before enrolling in Medicare Part B and is not on a Group health insurance plan from an employer with over 20 employees. His penalty is roughly 10% of $134/month = $13.40 for 2 years = $26.80/month for the rest of his life.
Paul will also have to wait for the General Enrollment period of January 1st through March 31st to enroll for a July 1st start date.
Do I have to pay more for Medicare Part B and D if I have a higher income?
Yes, in 2019 if an individual Tax Payer makes over $85,000 ($170,000 filing jointly) you may have to pay an additional $54.10 to $325.00/m for your Part B depending on income.
Part D Income adjustments in 2019 range from $12.40 to $77.40/m for individual incomes over $85,000, $170,000 filing jointly.
When are Medicare Part D Creditable Coverage Notices due for Employees covered on a Group Health plan?
At least 90 days or more before they turn age 65.
By October 15th of each year prior to Medicare's Annual Enrollment Period
Before an Employee joins the Health plan.
If the plan's Part D creditable coverage changes or ends
If an Employee requests the notice
When does the Employer have to report Part D Notices to CMS?
No later than 60 days after Group Health Plan Renewal.
Typically by March 1st for plans with January 1st renewals.
Where does the Employer report Medicare Part D notices?