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What is the Medicare Part D Late Enrollment Penalty?

 
You can avoid a late enrollment penalty by planning ahead.]

Medicare maintains enrollment schedules throughout the year. Medicare Part D prescription drug coverage is optional—you are not automatically enrolled and you are not required to have it. But if you want and need Medicare Part D prescription drug coverage, you need to enroll during a formal enrollment period to avoid paying a Late Enrollment Penalty, or LEP. The LEP is a dollar amount added to your Part D premium.

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