Do I have to sign up for Part D Medicare?

Posted: November 30, 2015, 3:24PM

The short answer is 'no' but the longer answer is - if you don't, you could see a penalty. If you re eligible and don't enroll in a Part D product, a Medicare Advantage plan, or if you don't have creditable coverage for 63 days beyond the enrollment period, you could be penalized.

The late fee is added to your monthly premium when you do enroll in a Part D product, and the penalty is determined by how long you went without Part D coverage. (If you have never had coverage, the penalty can add a substantial amount to your monthly premium.) The calculated penalty amount is added to your monthly premium for as long as you have a Medicare Part D product.

You can get more information on the Part D products and the penalty at the Medicare website.