How Can I Avoid Paying the Part D Penalty?

Q: I enrolled in Medicare Part A and B in 2011 but not D. Now I want to enroll in D and they say I have to pay a penalty for the rest of my life because I didn’t have creditable drug coverage for 55 months. Is there any way to avoid this? — Diana A: There are two ways you might get out of paying a late enrollment penalty. But know that for most people, the penalty — which affects anyone who has gone without a Medicare Prescription Drug Plan for a period of 63 days or more after the initial enrollment period is over — is going to stick. One possible out: You won’t need to pay the penalty if you opted out of Part D because you already have “creditable” prescription drug coverage, says Tatiana

The Health Insurance Industry: Common Myths Exposed

1. Health insurance is not required by the US Government. False. In 2013, the Affordable Care Act mandated that all citizens have health insurance that is compliant with its standards. This law was put into place to make healthcare affordable to low income individuals and families. However, it had the opposite effect on individuals who make around $35,000 or more, and for families who make $48,000 or more. If you choose not to purchase ACA compliant health insurance, there is a 2.5% of your income penalty that you will have to pay back to the government. This rate typically increases each year. In a lot of cases, there are individuals and families who make less than 100% of the federal pover

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