Medicare Changes: Limiting Late Enrollment Penalties and New Exclusions
This act aims to amend the penalty rules for Medicare Part B. Instead of the current regulations, the penalty will be set at a new percentage level, but the duration of its application will be limited. Additionally, periods of COBRA, retiree, or VA coverage will not count towards the penalty, and special enrollment periods will be introduced for certain groups.
Key points
The late enrollment penalty for Medicare Part B will be set at 15% of the monthly premium (replacing the current 10% calculation), but will be applied only for a period equal to twice the number of months the individual was not enrolled.
Periods during which individuals had COBRA, retiree, or VA coverage will be excluded from the calculation of the late enrollment penalty.
Special enrollment periods will be introduced for individuals whose COBRA or retiree coverage terminates.
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