Use this Part D penalty calculator tool to easily determine any potential extra cost you might incur for late enrollment in Medicare’s prescription plan.
Medicare Part D Late Enrollment Penalty Calculator
To use this calculator, enter your Base Monthly Premium and the number of months you are late for enrolling in Part D. Press “Calculate” to see the penalty you may have to pay.
How to Use the Calculator
1. Enter the Base Monthly Premium for your Medicare Drug Plan into the first field.
2. Enter the number of full months you were eligible but didn’t join Part D into the second field.
3. Click the Calculate button to see the monthly penalty amount.
How the Penalty is Calculated
Medicare calculates the penalty by multiplying 1% of the “national base beneficiary premium” ($32.74 in 2023) times the number of full, uncovered months you were eligible but didn’t join a Medicare Drug Plan and went without other creditable prescription drug coverage. The final penalty amount is rounded to the nearest $0.10 and added to your monthly premium.
Limitations of the Calculator
This calculator assumes a static national base beneficiary premium. Please verify the latest premium as it may vary each year. Furthermore, your plan’s actual base premium and your specific circumstances may influence your final penalty cost. Consult with an expert to get accurate figures.