Medicare Part D Penalty for Late Enrollment
When you first become eligible for Medicare, you have a 7-month time period to enroll in a Part D plan, called your Medicare Initial Enrollment Period (IEP).
However, if you don’t enroll during your IEP, and continue without creditable drug coverage (coverage that is as good as standard Medicare prescription drug coverage)
for a period of 63-days after your IEP has ended, Medicare will add a Late Enrollment Penalty (LEP) to your monthly Part D premium.
The amount of your penalty increases your Medicare Part D costs, depending on how long you waited to enroll, and continues for as long as you are enrolled in Medicare.