A Penalty is the dollar amount added to the monthly Premium for your Part B or Part D Medicare drug plan if you don’t join when first eligible. You will have to pay this penalty amount as long as you have Medicare, however there are some exceptions.
This article has been thoroughly reviewed by the author and a licensed Medicare insurance expert to ensure our content adheres to the highest quality standards for accuracy and honest advice.
Licensed Agent, REMEDIGAP Founder
Michael Quinn is a nationally licensed insurance expert with over a decade of experience and has helped over 1000 clients with their Medicare Supplement needs. Michael has been consulted as an expert insurance source for dozens of high-profile websites such as USA Today, Yahoo.com, NerdWallet, Bankrate, ThinkAdvisor, The Epoch Times, and many more.
Joann Quinn
Licensed Agent, REMEDIGAP Founder
Joann Quinn is a nationally licensed insurance expert with over a decade of experience and has personally helped thousands of clients with their Medicare Supplement questions and needs. Joann has been consulted as a Medicare expert for high-profile websites and runs a very popular YouTube channel that focuses on understanding the complexities of Medicare.