Individuals who are eligible for Medicare have a number of questions concerning Medicare coverage and how Medicare works. One important question that numerous individuals have is, “What is a Medicare late enrollment penalty?” If this particular question is one of those that you have about Medicare, it will do you well to keep reading.
A Medicare late enrollment penalty is an additional cost that is applied to a Medicare recipient’s part B monthly premium. This results from waiting too long to sign up for part B Medicare coverage after the Medicare recipient’s initial enrollment period has ended. The longer one waits, the higher the cost will become.
There are a number of ways that a Medicare late enrollment penalty can affect you. One major way that this penalty can affect you is that you can suffer severe financial hardship. This is because you will be paying much more for your Medicare coverage than you can possibly afford. If you are on a fixed income, this may really hurt you because you will more than likely have to go without something important, such as food or other vital supplies that Medicare and its plans will not cover. Anyone who has to contend with such a penalty are effected in some way, shape, or form.
Thousands of individuals are in Washington petitioning that this rule concerning Medicare be done away with. But in the meantime, it is advised that you sign up for your part B coverage, as soon as you have been approved. Even if you think you do not need your coverage, you should get it anyhow because the cost for waiting will be far more than what you will pay initially.