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How much will my penalty be?
Your penalty is calculated when you first join a Medicare drug plan. To estimate your penalty, take 1% of the national average premium for the year you join (the 2007 amounts are under What you pay for a Medicare Prescription Drug Plan in 2008 - Part D). Multiply it by the number of full months you were eligible to join a Medicare drug plan but didn't. This is your estimated penalty amount, which is added each month to your Medicare drug plan's premium for as long as you have a plan. If you qualify for extra help, the penalty will be different. For help figuring your penalty amount, call 1-800-MEDICARE (1-800-633-4227) or your State Health Insurance Assistance Program (see Other Important Medicare Contacts
for their telephone number).
(Primary Source: Centers for Medicare and Medicaid Services - Medicare and You Handbook 2007. This content may have been added upon by Q1Group LLC to include further examples, explanations, and links.)
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Last updated on: 07/18/2008
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