What is the potential consequence of not enrolling in Medicare Part D?

Enrolling in Medicare Part D is essential for those who want prescription drug coverage. If an individual does not enroll in Part D during their initial eligibility period, they may face a late enrollment penalty if they decide to enroll at a later time. This penalty typically results in a higher premium for every month they were eligible but did not enroll. The idea behind this penalty is to encourage timely enrollment and to discourage people from waiting until they need medications to sign up for coverage, which could lead to higher costs for the Medicare program overall.

Understanding this consequence highlights the importance of enrolling in Medicare Part D when eligible, as it ensures that individuals have access to necessary prescription medications at a manageable cost without incurring additional penalties.